Detroit’s New Plan of Adjustment

Detroit’s New Plan of Adjustment

The city today filed its amended Plan of Adjustment and Disclosure Statement, promising it would again modify the documents by April 14.

In a statement to media, Emergency Manager Kevyn Orr says “The City continues to make progress with its creditors and retirees and hopes to reach agreement in the near term on a number of outstanding issues. … We believe that the Plan we have proposed, and continue to refine, is feasible and allows the City to reduce its staggering $18 billion in debt and live within its means. The Plan puts the focus back on providing essential public services to the City’s nearly 700,000 residents.”

Here is the Plan:

 

Amended Plan of Adjustment 3.31.2014