City of Detroit files more detailed, updated bankruptcy adjustment plan, disclosure statement

DETROIT – The city of Detroit says it has filed an updated bankruptcy restructuring plan to pay off its creditors.

A spokesman for state-appointed emergency manager Kevyn Orr said Monday the amended plan and disclosure statement offer new details on the terms of a settlement with two banks to pay off a bad pension debt deal.

Bill Nowling says the documents also made minor clarifications in how much pension benefits for city retirees would be cut.

The plan first was filed Feb. 21 in bankruptcy court. The city says further amendments are expected before an April 14 hearing.

The plan of adjustment has to be approved by federal Judge Steven Rhodes.

Orr is negotiating with the city’s creditors on debt which he has said is $18 billion or more.