Yes, pension cuts will help the city emerge from bankruptcy. However, I believe this is a short term solution that is not sustainable and is likely to lead to more problems down the road. It is also unlikley to be a solution that is remotely popular with the general public.
When an economy is in shambles, the only way to recover is by allowing the economy to expand. Expansion occurs by creating jobs, not cutting them, or looking in different directions for changes. The pension fund that is in use by Detroit is funded very well, it is not a problem in Detroit's economy. To slash people's pensions would be a very unethical thing to do, and will do virtually nothing in terms of Detroit's economic woes.
No, of course these pension cuts wont be enough to completely get Detroit back on their feet but I believe
that this will act as a catalyst for more change that will eventually save their city. When the people of Detroit sided in favor of cutting their own pensions to help their city get out of debt it displayed how much they are willing to do for each other. This type of action typically invokes more action and that's what I think will get Detroit out of this.
The city is in a lot more trouble than a few simple cuts can fix. They have been shutting off water to hundreds of non paying customers over the past few weeks which could lead to a public health crisis. With conditions similar to those in their world countries they are going to need to do more.