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Detroit Emergency Manager Kevyn Orr is expected to file the city's plan of readjustment in bankruptcy court Friday afternoon, ahead of a March 1 deadline. The plan will spell out what the city says it can afford to pays its creditors, including bond holders and pensioners.
WDIV: A draft given last month to creditors showed retirees and pensioners getting $4.3 billion in payments and bondholders about $1.1 billion over the next 40 years, leaving the city with a nearly $336 million surplus.
A big question expected to be answered by this plan is how the city plan to treat older pensioners and those on low and fixed income.
It will be up to U.S. Bankruptcy Judge Stephen Rhodes to accept the plan as submitted or modify it as he sees fit.
