Detroit's historic bankruptcy, which officially ended earlier this month, cost the city nearly $178 million in fees and expenses for teams of lawyers and consultants, according to a city court filing on Tuesday.
Detroit won U.S. Bankruptcy Court approval on Friday for a road map to end its fiscal free fall and revitalize a city sinking under a huge debt load and dysfunctional government.
Detroit on Monday wrapped up its historic bankruptcy case, which began with contentious opposition from creditors and ended with eleventh-hour deals enabling the city to shed $7 billion of its $18 billion of debt and obligations.
Detroit should be able to access capital markets and borrow at a rate of around 5 percent after it exits bankruptcy, as long as its tax revenue remains stable, a city consultant said on Tuesday.
