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Expert: Detroit bankruptcy plan 'feasible'

DETROIT – It was decision day in Detroit's bankruptcy case as the final vote on the so-called plan of adjustment was read in court.

Bankruptcy Judge Steven Rhodes heard the final vote count with a majority of retirees having approved the plan.

Rhodes' paid expert Martha E.M. Kopacz wrote a 226-page report explaining why she believes Detroit's Bankruptcy Plan of Adjustment is feasible. This is a major step in the forward progress of the bankruptcy case.

Read that report in PDF form here

General retirees would see a 4.5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose only a portion of their annual cost-of-living raise.

Approval of the pension changes would trigger $816 million from the state of Michigan, foundations and the Detroit Institute of Arts.