Detroit Judge Holds Bankruptcy Hearing To Discuss Payouts
DETROIT (AP) — Some big progress Thursday in Detroit's bankruptcy proceedings.
Pension funds and retirees' group have shown their support to reduce payouts to thousands of former Detroit employees.
The retirees still have to pass this with a vote, but this is a major step forward.
The judge overseeing the bankruptcy is holding a hearing Thursday to listen to objections over Detroit's disclosure statement.
That includes hundreds of pages of information about the city's finances.
The judge is also expected to get an update on the cities plan to send ballots to creditors who will vote on a plan to settle debts.