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Detroit files updated bankruptcy restructuring plan

Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D
Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D

DETROIT (WKZO) -- The City of Detroit has filed an updated bankruptcy restructuring plan.

Monday, a spokesperson for Emergency Manager Kevyn Orr said the new plan offers new details on terms of a settlement with two banks to pay off a bad pension deal. The deal also reportedly clarifies how much pension benefits will be cut for city retirees.

Officials expect further amendments to be made prior to an April 14th hearing and the adjustment plan has to be approved by federal bankruptcy Judge Steven Rhodes.

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