Detroit plans to sell scrapped copper wire
DETROIT (AP) — The city of Detroit plans to sell 13 million pounds of copper wire from its public lighting operation.
Financial consultant Gaurav Malhotra testified Tuesday in Detroit's bankruptcy trial that the city is budgeting for $25 million over six years from such a sale, but the scrapped metal could bring in about $40 million.
Detroit is phasing its electricity service over to DTE Energy Co.
Thieves have targeted below-ground and overhead wires, which they sell to scrap metal operations. They also have contributed to widespread blight in Detroit by stealing wire, copper pipes, fixtures, air conditioners and anything else of value from vacant houses.
Federal Judge Steven Rhodes has said he expects to make a ruling in early November on the city's plan to get out of bankruptcy.