DETROIT, MI – After 18 very long months, the future of Detroit is now brighter than it has been in decades.
Judge Steven Rhodes ruled today that he approves of Detroit’s bankruptcy plan.
He believes that Detroit can stand on its own financially now that it has shed billions of dollars in debt in the largest municipal bankruptcy in United States history.
The road to today’s ruling has been unusual but one that will be studied for many years to come.
Detroit is shedding more than $7 billion in unsecured liabilities and will reinvest $1.4 billion over 10 years in basic services to rehabilitate the city.
Judge Rhodes stated that the cornerstone of the entire plan is the ‘Grand Bargain’.
You can read about the vast plan of reorganization here.