Detroit's emergency manager has filed a plan to restructure the city's debts in the wake of the largest municipal bankruptcy in US history.
The plan, awaiting approval from a bankruptcy judge, includes cuts to pensions and creditors to drive down the $18bn (£10.8bn) debt.
Funds would also be devoted to demolishing abandoned city properties.
The city initially filed for bankruptcy protection in July 2013.
'Best path forward'
'We must move swiftly to emerge from bankruptcy so that the financial distress harming the city can end,' state-appointed manager Kevyn Orr said in a statement.
'We maintain that the plan provides the best path forward for all parties to resolve their respective issues and for Detroit to become once again a city in which people want to invest, live and work,' he added.
Specifics of the debt relief plan include:
Creditors, including bond insurers, will receive an estimated 20% of their claims
Police and firefighter retirees will receive at least 90% of their pensions, and cost of living allowances will be eliminated
The Detroit Institute of Arts will keep its city-owned art collection, with assistance from foundations and private donors
$1.5bn will be allocated over 10 years to city infrastructure and technology upgrades
The plan is reportedly likely to face obstacles moving forward, including court appeals should it be approved in ba.
Detroit's emergency manager has filed a plan to restructure the city's debts in the wake of the largest municipal bankruptcy in US history.
The plan, awaiting approval from a bankruptcy judge, includes cuts to pensions and creditors to drive down the $18bn (£10.8bn) debt.
Funds would also be devoted to demolishing abandoned city properties.
The city initially filed for bankruptcy protection in July 2013.
'Best path forward'
'We must move swiftly to emerge from bankruptcy so that the financial distress harming the city can end,' state-appointed manager Kevyn Orr said in a statement.
'We maintain that the plan provides the best path forward for all parties to resolve their respective issues and for Detroit to become once again a city in which people want to invest, live and work,' he added.
Specifics of the debt relief plan include:
Creditors, including bond insurers, will receive an estimated 20% of their claims
Police and firefighter retirees will receive at least 90% of their pensions, and cost of living allowances will be eliminated
The Detroit Institute of Arts will keep its city-owned art collection, with assistance from foundations and private donors
$1.5bn will be allocated over 10 years to city infrastructure and technology upgrades
The plan is reportedly likely to face obstacles moving forward, including court appeals should it be approved in ba
News video | 351 views
Detroit has become the largest city in U.S. history to file for bankruptcy. State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
News video | 351 views
Unions and Detroit's public pension funds are protesting a federal judge's ruling that Detroit is eligible for bankruptcy. The groups claim the city didn't negotiate in good faith, which is an eligibility requirement under Chapter 9. (Dec. 3)
Watch Union Workers Protest Detroit Bankruptcy Ruling News Video With HD Quality
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Bankrupt Detroit's ability hold onto some of its artistic masterpieces could come down to the generosity of strangers. The city's emergency manager expects a report on the value of the 3,200 city-owned pieces at the Detroit Institute of Arts.
News video | 286 views
The confirmation trial for the largest municipal bankruptcy in U.S. history is scheduled to start today. The federal proceeding is designed to determine whether bankrupt Detroit's restructuring plan will be approved.
News video | 263 views
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Ranam in Detroit Kannada Movie Scenes | Rahman Warning to Leave Detroit People Free | Prithviraj
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The company blamed for a chemical spill that left 300,000 West Virginians without safe drinking water filed for bankruptcy Friday. (Jan. 17)
News video | 417 views
The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. (Feb. 28)
News video | 516 views
'Octomom' Nadya Suleman filed for bankruptcy Monday, saying in a court filing that she has as much as $1 million in debt. (April 30)
'Octomom' Nadya Suleman Files for Bankruptcy video.
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Nadya Suleman, known to most as Octomom after giving birth to octuplets, has $1 million in debts (and $50,000 in assets) and has filed for Chapter 7 bankruptcy protection.
'I have had to make some very difficult decisions this year and filing Chapter 7 was one of them,' she tells E! News. 'But I have to do what is best for my children (there are 14 of them), and I need a fresh start.'
Listed among those she owes are the California DMV, a Christian school, every utility you can think of, DirecTV and a gym, which she owes $500.
Among those difficult decisions she has made would be undressing for a spread in U.K.'s Closer magazine for somewhere between $8,000 and $10,000.
'I have to do what I have to do to take care of my family,' she told Anderson Cooper.
That apparently includes a deal with an adult entertainment company to shoot a video this summer, which a source told TMZ.com is for 'a lot more than the $10,000 she made for posing topless.'
Nadya Suleman to do porn video, files for Chapter 7 bankruptcy
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