Economy

xchrom

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37. Detroit to Learn Fate of $7 Billion Debt Plan Nov. 7

Tue Oct 28, 2014, 07:59 AM

Oct 2014

http://www.bloomberg.com/news/2014-10-28/detroit-to-learn-fate-of-7-billion-debt-plan-nov-7.html

Detroit will learn the fate of its $7 billion debt-cutting plan on Nov. 7, the judge overseeing the historic bankruptcy said after the last major creditors reached a settlement and the city made its final pitch for the proposal.

Investors that hold about $1 billion in pension-related debt announced yesterday that they had joined the last settlement in 15-month-old case, removing the only remaining organized opposition to the bankruptcy-exit plan.

The agreement was announced the same day an attorney for Detroit, Bruce Bennett of Jones Day, made the final legal argument in favor of the city’s plan. No other U.S. city or county has ever cut so much debt so quickly, he said.

“The end really is in sight,” he told U.S. Bankruptcy Judge Steven Rhodes. “The city has settled with all the major economic players.”

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