Detroit might not be ready to exit the biggest municipal bankruptcy in U.S. history until Dec. 15, Reuters reported on Friday. An attorney for the city said last month Detroit could potentially exit bankruptcy around Dec. 8-10 as it has incorporated its debt-adjustment plan into its budget. The plan was approved by a bankruptcy court judge on Nov. 7. Kevyn Orr, the city's state-appointed emergency manager, said that Detroit's two-year budget will eliminate a carryover deficit of about $58 million and incorporate a reserve fund totaling $62 million, or 5 percent of appropriations required under state law. The budget will also provide $49 million that could be tapped to fund restructuring initiatives in fiscal 2016.
