Detroit city went broke


The same judge said he will allow pension cuts in Detroit bankruptcy.
The city is expected to apply his plan. This is expected to include the possible sale of the Detroit Institute of Arts property. The motivation of the judge’s decision to declare Detroit’s bankruptcy will have about 140 pages. In the bankruptcy court, Detroit is represented by the law firm Jones Day.
“Detroit got into a trap of doing a lot of borrowing for cash flow purposes and then trying to figure out how to push costs (out) as much as possible,” said Bettie Buss, a former city budget staffer.


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