Detroit makes final arguments to exit bankruptcy
Source: AP-Excite
By ED WHITE
DETROIT (AP) — The city of Detroit urged a judge on Monday to approve its plan to get out of bankruptcy, calling it a sweeping effort to "solve some really bad problems" by wiping out billions in debt and spending $1.7 billion on better services in a long-term prescription for the Motor City.
Judge Steven Rhodes will decide Nov. 7 whether Detroit's plan is fair and feasible in the largest public bankruptcy in U.S. history. It's an up-or-down ruling: He can't choose parts he likes and scratch others. Bruce Bennett, an attorney for the city, went through the key points and summarized evidence from a trial that began after Labor Day.
"Look where we are: 7 billion-plus coming off the books, massive deferrals" of other debt, he said. "This is exactly the relief Detroit needed and it's gone about it in the right way."
Detroit, which has lost 27 percent of its population since 2000, can't afford to raise taxes to get more revenue, especially from poor residents, Bennett said.
FULL story at link.
FILE - In this Nov. 2, 2005 file photo, the Detroit skyline is shown along the Detroit River. Lawyers began making their closing arguments Monday, Oct. 27, 2014 in Detroit's bankruptcy trial. Detroit filed for Chapter 9 bankruptcy protection in July 2013, becoming the largest U.S. city to ever do so. (AP Photo/Paul Sancya, File)
Read more: http://apnews.excite.com/article/20141027/us--detroit_bankruptcy-33294490cc.html
