Friday, February 21, 2014

Detroit plans to cut pensions in bankrupty debt plan

FILE - In a Dec. 12, 2013 file photo, Detroit Emergency Manager Kevyn Orr speaks during an interview with The Associated Press. Detroit’s creditors and residents are expected to get their first official glimpse this week of the road out of bankruptcy, even as fights and tinkering continue. A proposal to restructure the city’s debt could be filed by Orr to the bankruptcy court as early as Wednesday, Feb. 19, 2014. It’s considered a blueprint for Detroit, undergoing the largest municipal bankruptcy in U.S. history. (AP Photo/Paul Sancya, File) DETROIT (AP) — Detroit's emergency manager filed a plan Friday to restructure the city's $18 billion debt by making cuts to pensions and creditors while offering a blueprint for emerging from the largest municipal bankruptcy in U.S. history.


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