Jan. 30 (Bloomberg) — Detroit's emergency financial manager may file a proposed debt-adjustment plan in federal court in about two weeks, an action that would start the final phase in the city's record $18 billion municipal bankruptcy.
The manager, Kevyn Orr, has given a copy of the plan to creditors, his spokesman, Bill Nowling, said yesterday in a statement. Creditors will have a chance to vote on the proposal once it's filed in U.S. Bankruptcy Court in Detroit and the judge determines it gives enough information.
The plan reflects details already presented to creditors who have been negotiating with the city since it filed for bankruptcy in July, Orr said. U.S. Bankruptcy Judge Steven Rhodes had told the city he wanted it to file a plan by March 1.
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