CHICAGO, Feb. 21 (Xinhua) -- Emergency financial manager of Detroit, a city in the U.S. state of Michigan, on Friday filed a detailed debt-cutting plan in a federal court, with the hope of bringing the city out of bankruptcy.
The plan, which still awaits approval from a bankruptcy judge, aims to help the Motor City, which has 18 billion U.S. dollars in debt, shed financial burdens and pour money to improving the city' s infrastructure.
With the plan, retirees would see cuts to benefits, while creditors such as banks would see just a fraction of what they're owed.
The 120-page plan has also outlined cuts to various groups of creditors, and provided new details about ongoing attempts to spin off the city's Water and Sewerage Department, prevent the Detroit Institute of Arts masterpieces from a fire sale and to restructure 11.5 billion dollars in unsecured claims.
"We must move swiftly to emerge from bankruptcy so that the financial distress harming the city can end," the Detroit News quoted Emergency Manager Kevyn Orr as saying in a statement Friday.
Orr maintained that the plan provided the best path forward for all parties to resolve their respective issues and "for Detroit to become once again a city in which people want to invest, live and work."
The debt-ridden Detroit filed bankruptcy on July 18, 2013.