FILE- This April 9, 2008 file photo shows the city of Detroit. An attorney for Detroit is set to resume his opening statement, Wednesday, Sept. 3, 2014, at the city’s historic bankruptcy trial, after telling the judge on the first day that the city’s plan to restructure billions of dollars in debt is needed to free up funds to provide services to residents and allow it to survive. (AP Photo/Carlos Osorio, file)The Associated Press
Graphic illustrates Detroit's slow decline into bankruptcy, featuring charts showing the city's population, unemployment rates and revenue decline.; 2c x 6 inches; 96.3 mm x 152 mm;The Associated Press
DETROIT – Detroit's chief financial officer is set to return to the witness stand for a second day in the city's historic bankruptcy trial.
Attorneys for creditors opposed to Detroit's bankruptcy and the city's debt restructuring plan will resume their cross-examination of John Hill on Friday. Hill was questioned Thursday by an attorney representing the city and a lawyer representing bond insurer Syncora Guarantee.
Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which federal Judge Steven Rhodes must approve.
Most creditors, including more than 30,000 retirees and city employees, have endorsed it. Syncora and some other financial creditors say the plan is unfair.
Hill said Thursday that the plan can work if it's followed and expected revenues come through.