Detroit expecting $195M lump sum from Michigan

DETROIT (AP) — Detroit is counting on a lump sum of $194.8 million from the state to shore up pensions and prevent the sale of valuable art as it tries to emerge from bankruptcy later this year, the city said Monday.

The details were in Detroit’s latest strategy plan filed in bankruptcy court. It comes just days before ballots go out to thousands of creditors, including retirees and city employees personally affected by the largest public bankruptcy in U.S. history.