It doesn't appear that the republicans are doing much either at this point. Now there is news that the democrats are pushing a behind the scenes payoff for the unions.
If conservatives don't find a workable solution the democrats will "fix" it for us.
(PJ media Free Detroit City!) Their way failed now lets try conservatism
No one is going to get all of their money but I think real estate may help to pay some of it back. Owners tend to create value. If the creditors find themselves holding vacant properties I guarantee they'll find a way to make them profitable. There is oil and gas under Detroit so that's one possibility.