Detroit readying blueprint for bankruptcy exit
DETROIT (AP) -- Detroit's creditors and residents are expected to get their first official glimpse this week of the road out of bankruptcy, even as fights and tinkering continue.
As early as Wednesday, state-appointed emergency manager Kevyn Orr could send the bankruptcy court his proposal to restructure the city's debt. It's considered a blueprint for Detroit, which is undergoing the largest municipal bankruptcy in U.S. history.
A 99-page draft obtained last month by The Associated Press calls for massive changes that would leave the insolvent city that has an estimated debt of at least $18 billion with a nearly $336 million surplus.
Wayne State University law professor Laura Bartell cautions this is only the "first draft" of the restructuring plan and it's likely to go through many revisions.