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Most aspects are still being negotiated in mediation sessions with stakeholders. Court appeals are all but certain even after the final version is approved in bankruptcy court. The city would receive $47 million annually under a lease deal.
help pensioners keep more of what they are owed by using state and private funds to protect against the sale of city owned art at the Detroit Institute of Arts.
issues and for Detroit to become once again a city in which people want to invest, live and work."
The plan was accompanied by a disclosure statement, which outlined the level of reinvestment, including municipal services, planned during the next 10 years.
Orr has said the city's debt is at least $18 billion. About $6 billion is Detroit Water and Sewerage Department debt, which is secured by water bill payments. An additional $12 billion is unsecured, meaning it's not covered by a revenue stream. That includes about $2 billion in general obligation bond debt, $5.7 billion in unfunded retire health care obligations and $3.5 billion in unfunded pension liabilities.
An early draft of state appointed Emergency Manager Kevyn Orr's plan called for city pensioners to receive $4.3 billion in payments and bondholders about $1.1 billion during the next 40 years. That draft also detailed plans to Nike Air Max Classic 2016
The plan still faces numerous obstacles. Nike Air Max Women 2014 Black
"We maintain that the Plan provides the best path forward for all parties to resolve their respective Air Max 2017 Running
Detroit files plan to fix debt leave bankruptcy
The city also would establish a voluntary employees' beneficiary association that would provide health care benefits to retirees.
Orr included in his early draft a promise of millions of dollars from foundations, the Nike Air Max Siren Mens state and the Detroit Institute of Arts to prevent any possible sale of city owned pieces in the museum to bolster at risk pensions.
"My advisers and I have now expended many months in negotiations, including within Bankruptcy Court mandated mediations, with all classes of creditors to get to this point, and we are satisfied with the progress made thus far," Orr said in a statement. "However, there is still much work in front of all of us to continue the recovery from a decades long downward spiral. We must move swiftly to emerge from bankruptcy so that the financial distress harming the City can end.
In a Dec. 12, 2013 file photo, Detroit Emergency Manager Kevyn Orr speaks during an interview with The Associated Press. 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. A proposal to restructure the city's debt could be filed by Orr to the bankruptcy court as early as Wednesday, Feb. 19, 2014. history. history.
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