Detroit's bankruptcy moving forward

(WXYZ) - Detroit's bankruptcy took a couple big steps forward on Wednesday. 

First, the Detroit Institute of the Arts says it will raise $100 million to help solve the city's crisis. The DIA say the money will be used for pension payments. This is in addition to more than $700-million that's been pledged by the Foundations Community, and the State of Michigan.

The other big development - the long anticipated proposal to get the city out of bankruptcy is now in the hands of creditors.

Emergency Manager Kevyn Orr stopped by 7 Action News today and told us first of this new development. Details of how the city will deal with it's $18-billion in debt are not yet public, but Orr hopes it will bring everyone to the table.

"The timing and the technical difficulties of doing a plan of adjustment, those are pretty straight forward," said Orr. "Getting people to the point where they're ready to accept it, that's the only thing holding us back."

 

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