Economics

Detroit laid out its blueprint Friday for how it will emerge from the largest municipal bankruptcy ever. 
Joshua Lott / Reuters

nbcnews.com - by Patrick J. Rizzo - February 21, 2014

Detroit revealed its historic plan to emerge from under $18 billion in debt Friday, laying the groundwork for what’s expected to be a long, bitter battle with creditors, retirees and bondholders over the biggest municipal bankruptcy ever.

The 120-page 'plan of adjustment' could change radically as negotiations with more than 100,000 creditors move forward. It must still be approved by U.S. Bankruptcy Judge Steven Rhodes.

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CLICK HERE - SUMMARY OF THE PLAN (2 page .PDF file)

CLICK HERE - Detroit Plan of Adjustment (120 page - Scribd)

submitted by Gary Vroegindewey

http://detroitworksproject.com/for-detroit-to-work-we-need-action-today/

The Detroit Works Project was introduced in 2010 as a process to create a shared, achievable vision for Detroit’s future to improve the quality of life and business in Detroit.

It began with a series of meetings to engage residents in the process. Initially we heard from nearly 10,000 of you who told us for Detroit to work, action is needed today while we continue to plan for tomorrow.

As a response, Mayor Dave Bing introduced the separation of the Detroit Works Project into two tracks in July of 2011—Short Term Actions and Long Term Planning.

As city officials continued to spearhead Short Term Actions, they worked to realign some city services and leverage available resources to make improvements in neighborhoods based on market conditions.