It’s FINAL. According to reports U.S. Bankruptcy Judge Steven Rhodes approved Detroit’s bankruptcy Plan which will shed about 7 billion in debt, with a promise of nearly $2 billion in better services for the city and it’s residents.
Detroit’s exit from the largest public filing in U.S. history took less than 16 months, lightning-fast by bankruptcy standards. The success is largely due to a series of deals between the city and major creditors, especially general retirees who agreed to accept smaller pension checks
Near the end of his 90-minute speech, Rhodes warned city leaders, including Mayor Mike Duggan and City Council President Brenda Jones, who sat in the front row of the courtroom, not to waste the opportunity.
“We give the city back with the fresh start and second chance the city needs,” Rhodes said.
“Now is the time to restore Democracy to the people of Detroit,” he added.
He also urged residents and others to use their anger over the bankruptcy and loss of local control during the city’s financial emergency.
“Your anger will be what prevents this from happening again.
CLICK HERE for Judge Rhodes 50-page opinion approving Detroit’s bankruptcy exit.