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Judge approves Detroit bankruptcy documents

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- Voting on the City of Detroit's bankruptcy restructuring plan can now begin following the approval of the city's disclosure statement.

Monday, U.S. Bankruptcy Judge Steven Rhodes approved the restructuring documents. The disclosure statement and ballots to vote on the plan will be sent to thousands of the city's creditors starting on May 12th and those receiving the packets must return them within 60 days.

Two-thirds must vote 'yes' for the court to certify approval of the plan, but Rhodes may still let the proposal move forward without a majority if he decides that it is in the best interest of the creditors.

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