Detroit Bankruptcy Exit Plan Is A Beginning, Not An End
A federal judge approved a plan to cut Detroit's unsecured debt by 74 percent, but some experts wonder if it'll be enough to solve Detroit's problems.By Madison Burke | November 7, 2014
A federal judge has approved a plan aimed at getting Detroit back on its feet.
The city filed for bankruptcy 16 months ago after economic troubles left it $18 billion in debt and struggling to provide basic city services.
The judge approved a plan that allowed the city to shed $7 billion of debt and reinvest around $1.4 billion over 10 years into neglected city services.