Detroit says bankruptcy plan will be filed next week

DETROIT (AP) -- The city of Detroit says it will file a plan to emerge from bankruptcy next week, just days before a March 1 deadline. The disclosure was made Monday by attorney Bruce Bennett during a hearing in the case. Detroit filed for bankruptcy last summer, claiming $18 billion in long-term debt. It recently shared a reorganization plan with creditors, although that plan is subject to change while negotiations occur in private. The plan so far includes the possible spinoff of the city's water department to a regional authority, a move that's been criticized by the suburbs. Foundations and the Detroit Institute of Arts are pledging nearly $500 million to prop up pensions and prevent the sale of city-owned art. Gov. Rick Snyder also wants the state to kick in millions. Published: Wed, Feb 12, 2014