Detroit Ends Week With Witness From Stockton Bankruptcy
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Detroit ended the first week of trial on its $7 billion debt-reduction plan by calling a witness who has previously argued against the kind of cuts the city says it needs to rebuild.
Charles Moore, Detroit’s top restructuring adviser, is a favored specialist both of distressed government agencies, who call upon him to justify trimming their obligations, and of bondholders fighting such cuts. In Detroit yesterday, he advocated cuts, saying the city must erase some of its debts to free up money for new investments.