Business

Attorney: Detroit needs debt plan to survive

By Corey Williams
Published September 2, 2014 10:34pm ET
Add Washington Examiner on Google
Attorney: Detroit needs debt plan to survive
In this July 16, 2013 aerial file photo, the downtown of the city of Detroit is shown. Detroit Emergency Manager Kevyn Orr raised more than a few eyebrows a year ago when he took the city into bankruptcy and predicted it would be out by the time his term expired in fall 2014. Because it is by far the largest city to file for municipal bankruptcy and the issues were so complex many experts predicted it would take years to resolve. But the city will take a major step toward that goal with a trial in federal bankruptcy court that starts Tuesday, Sept 2, 2014. (AP Photo/Paul Sancya, File) | Paul Sancya

DETROIT (AP) — The plan to restructure billions of dollars in debt is the vehicle the Motor City needs to free up funds to provide services to residents and allow the city to survive, one of Detroit’s attorneys told the federal judge at the helm of the historic bankruptcy trial, which started Tuesday.

Bruce Bennett said during his opening statement before federal Judge Steven Rhodes that Detroit has operated in distressed conditions for so long that it requires vast amounts of investment.

Already a print subscriber? Click here to login/register your account

Trusted reporting.Unlimited access.

Subscribe for full access to Washington Examiner coverage, expert political analysis, and subscriber-only journalism.

Get Unlimited Access

Already a member? Log in

Cancel anytime.

Tag:

Budgets and Deficits Detroit Michigan