Q&A: Detroit's bankruptcy plan is set but a flight to solvency hasn't left the runway yet

Associated Press

A judge overseeing Detroit's bankruptcy is holding an important hearing, more than two weeks after approving the city's plan to step out of the largest public filing in U.S. history.

Judge Steven Rhodes and lawyers for the city are likely to discuss a specific date for Detroit's exit from bankruptcy Monday. The date will have an impact on a number of key provisions in the plan, from pension cuts to new borrowing.

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On Nov. 7, Rhodes said Detroit's proposed reorganization is fair and feasible. The historic decision occurred less than 16 months after the city filed for Chapter 9, a fast pace for a debtor that was burdened with billions of dollars in debt.

Emergency manager Kevyn Orr says the plan provides an adequate level of services for residents.