Gov. Snyder's plan would split the current school district in two.
Similar to the GM bankruptcy, there would essentially be an "old" Detroit Public Schools district and a new district.
The old district would pay down the school system's debt with the current school millage in Detroit.
Snyder says DPS is expected to have $515 million in operating debt by June 2016.
Snyder says that debt could be paid off over 10 years using the $70 million a year the millage brings in.