The Main Stream

Apr 17, 2014 3:22 PM

Breakthroughs in Detroit's bankruptcy

DETROIT (AP) - The judge overseeing Detroit's bankruptcy is holding a hearing during a week of significant breakthroughs in the case.

The city has the support of pension funds and a retirees' group to reduce payouts to thousands of former Detroit employees. The retirees still must vote, but the tentative deals are a major step toward eventually emerging from bankruptcy.

More details could emerge Thursday in Judge Steven Rhodes' courtroom. He's holding a hearing to listen to objections to Detroit's disclosure statement, which is hundreds of pages of information about the city's finances.

Rhodes also is likely to get an update on Detroit's plan to send ballots to creditors who will soon vote on a plan to settle debts.


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