Detroit expected to file updated adjustment plan
DETROIT (AP) — The city of Detroit plans to file an updated bankruptcy restructuring plan to pay off its creditors.
An amended plan of adjustment and disclosure statement are expected Monday.
Bill Nowling, spokesman for state-appointed emergency manager Kevyn Orr, says the filings will feature documents referenced — but not included — in the previously filed adjustment plan and disclosure statement.
Nowling says the amended plan also may contain some agreements reached with creditors.
The plan of adjustment has to be approved by federal Judge Steven Rhodes and is considered the city's blueprint for emerging from bankruptcy.
Orr is negotiating with the city's creditors on debt which he has said is $18 billion or more.
