DETROIT, Dec. 10 (UPI) -- The city of Detroit is poised to financially graduate from chapter 11 bankruptcy on Wednesday, triggering implementation of a plan to invest $1.4 billion in city services over the next decade while simultaneously cutting $7 billion in debt.
The restructured spending plan seeks to allow Detroit to reduce pension cuts, boost infrastructure through basic services and potentially save the Detroit Institute of Arts from what would be an unprecedented liquidation -- provided the museum can raise $350 million by 2022.
Michigan Gov. Rick Snyder described the end of Detroit's bankruptcy as "truly historic" at a press conference Wednesday, saying "It really happened because of great partnerships of people working together."
"In my view, we've been there too long with an emergency manager ... This has been an extremely difficult and hard process for many people, but people worked together. We have the city poised for a new chapter."
Detroit emergency manager Kevyn Orr, who will now be forced to resign as the city is no longer considered in financial crisis, praised the city's progress, saying, "I feel very fortunate to have had the opportunity and very fortunate for the outcome."
"The reality is the city is moving forward and that gives me a great deal of pride and satisfaction."