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Detroit bankruptcy adjustment expected next week

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- A plan to reorganize the City of Detroit's debt is expected to be filed with the bankruptcy court next week.

The "Detroit News" reports City Attorney Bruce Bennett of the Jones Day law firm told Judge Stephen Rhodes Monday morning the "plan of adjustment" is ready to be submitted.  Judge Rhodes set a deadline of March 1st for the city to file the plan.  Detroit Emergency Manager Kevyn Orr reportedly sent a copy to the city's top creditors on January 29th.

As part of the restructuring, Orr wants to lease the Detroit Water and Sewerage Department to a regional authority for 47-million dollars a year.

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