DETROIT (WKZO) -- The City of Detroit has abruptly withdrawn a proposal to monitor the city's proposed bankruptcy restructuring plan. In a court filing on Tuesday, the city altered its plan of adjustment to remove a proposal for a "plan monitor."
The monitor would have been responsible for delivering regular reports to the Bankruptcy Court about the city's restructuring progress. The proposal for a plan monitor was first revealed last Friday, when the city filed its sixth version of the adjustment plan.
For now, the State of Michigan will maintain oversight of the city's finances, post-bankruptcy, via a Financial Review Commission.