Detroit Bankruptcy Plan Approved

 

Judge Steven Rhodes, a Federal Bankruptcy judge, approved Detroit’s bankruptcy plan which will trim roughly $7 billion or 1/3 of the City’s debt.  Judge Rhodes found the plan to generally fair and equitable to creditors of similar position.

The City will continue to be under the oversight of a financial-oversight board for the next 12 years.

Wall Street Journal Article (subscription required)

New York Times Article (subscription required)