(CNBC) The road back for Detroit seems to be getting longer.
More than three months after its historic bankruptcy filing, city officials Friday offered up their proposed plan to pay bondholders, pensioners and other creditors substantially less than the $18 billion in debt they're owed.
"We think the plan is reasonable," Emergency Manager Kevyn Orr told reporters. "We really don't have time for a lot of acrimony and litigation."
Advertisement - story continues below
