Judge Approves Detroit’s Plan to Exit Bankruptcy
Less than 16 months after Detroit became the largest city in the United States to file for bankruptcy, a federal judge on Friday approved a plan intended to help it escape years of financial ruin and begin the hard work of becoming viable again.
Judge Steven W. Rhodes of the United States Bankruptcy Court for the Eastern District of Michigan found that the city’s plan to shed $7 billion in debt and to invest about $1.7 billion into long-neglected services was fair, feasible and in the best interest of Detroit’s creditors.
The decision came with remarkable speed and with far less discord than many had foreseen given the size of the city and the complexity and depth of its financial woes.
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http://www.nytimes.com/2014/11/08/us/detroit-bankruptcy-plan-ruling.html?emc=edit_na_20141107
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