How Detroit Was Reborn

"U.S. District Chief Judge Gerald Rosen wondered what the hell he'd gotten himself into.

Rosen was in Florida in August 2013 for a quick golf vacation but was rising before dawn each day to read Detroit's massive plan to restructure its debt. The numbers were horrific: $18 billion in liabilities, 78,000 blighted buildings, four of every 10 dollars already devoted to debt, pensions and retiree health care.

Thousands of elderly retirees were facing deep pension cuts — their livelihoods. Detroit's world-class art museum was at risk of losing its treasured pieces in a fire sale. The city needed hundreds of millions of dollars just to begin to climb out of the hole."


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