A Brighter Future Ahead for the City of Detroit as Conway MacKenzie Serves as Operational Restructuring Advisor

News provided by

Nov 07, 2014, 05:11 ET

BIRMINGHAM, Mich., Nov. 7, 2014 /PRNewswire/ -- Today marks the beginning of a new, exciting chapter for the City of Detroit. This afternoon, Judge Rhodes confirmed Detroit's Plan of Adjustment, bringing the largest municipal bankruptcy proceeding in history to a conclusion. Pursuant to the Plan, $7 billion in debt will be eliminated, $1.7 billion will be invested to improve services and infrastructure, and important city assets will be protected.

Van Conway, CEO & President, Conway MacKenzie, provides insight and comment on the Detroit bankruptcy and what it meant to the city. Conway MacKenzie is the operational restructuring firm that worked with the City of Detroit during the bankruptcy.

Conway MacKenzie's team, led by Chief Operating Officer Charles (Chuck) Moore, was vital to the outcome as they are engaged as the operational restructuring advisor to the City of Detroit. Conway MacKenzie was charged with leading a task force of restructuring professionals to analyze the City's pension liabilities.

Their role also included assisting the City in evaluating, developing, negotiating and executing the short- and long-term restructuring actions the City must take in order to achieve improved and adequate levels of services, structural cost savings, enhanced revenue generation and deficit elimination.

About Conway MacKenzie, Inc.

Conway MacKenzie, Inc. is the premier consulting and financial advisory firm to the middle market. Across industries and across the country, Conway MacKenzie delivers hands-on financial, operational and strategic services that help healthy companies grow and troubled companies get back on track. The firm has offices worldwide, including Atlanta, Chicago, Dallas, Dayton, Detroit, Houston, Los Angeles, New York, London and Frankfurt. Additional information can be found at www.ConwayMacKenzie.com.