Detroit expects to file the debt-adjustment plan it has been negotiating with creditors next week, allowing the biggest-ever U.S. municipal bankruptcy case to enter its final phase.
Bruce Bennett, one of the attorneys leading the city’s talks with creditors, gave U.S. Bankruptcy Judge Steven Rhodes the latest timing on the plan during a status conference today in federal court in Detroit.
Once the plan is filed, Rhodes must decide whether the proposal contains enough information for creditors to vote on it. The vote would be taken into account when Rhodes decides whether to approve the plan and allow the city to end the $18 billion bankruptcy case
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