Questions About Detroit's Bankruptcy:

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7. Exactly. Water and sewer bondholders.

Orr chronicled the city’s economic collapse in a detailed plan presented to creditors June 14 — a proposal that drew criticism from some who said the cuts were too deep and did not include the sale of city assets, including Belle Isle and a Detroit Institute of Arts collection. He proposed paying most of the money owed to secured creditors while pension funds, unions and unsecured bondholders would receive, in some cases, as little as 10 cents on the dollar.

From The Detroit News: http://www.detroitnews.com/article/20130718/METRO01/307180103#ixzz2Ze7avevw