A Phoenix May Be Emerging from Ashes in Detroit

“THERE is an exciting feeling of a new beginning,” says John Pottow, a bankruptcy expert at the University of Michigan. After years of decline that ended in disaster when Detroit filed for bankruptcy last year, one of America’s biggest cities has been given a new lease of life. Today Steven Rhodes, a bankruptcy judge, approved Detroit’s plan for the adjustment of debts that will allow the city to slash $7 billion of unsecured liabilities off its $18 billion debt mountain.