140221113511-detroit-pension-protest-620xaDetroit officials are trying hard to restructure the city’s $18-billion debt by significantly cutting local workers’ pensions and payments to bondholders, US media reports. Officials filed the city’s bankruptcy plan on Friday. “The plan contemplates the city’s emergence from Chapter 9 this year and represents a crucial step toward the city’s rehabilitation and recovery from a decades-long downward spiral,” said a statement explaining the plan for the largest municipal bankruptcy in US history. It is to invest around $1.5 billion over the next decade to improve city services, according to the statement. The plan treats various classes of creditors differently, according to Los Angeles Times. It proposes reducing benefits to retired police and fire beneficiaries by 10 percent while other city employees and retirees could see pensions reduced by around 34 percent. More