DETROIT BANKRUPTCY EXIT PLAN APPROVED BY US JUDGE (STA BREAKING NEWS and ARCHIVES)

by STANews , Saturday, November 08, 2014, 11:30

US judge Steven Rhodes has approved of Detroit's plan to exit from bankruptcy, 16 months after the city became the largest ever in the US to go broke.

The plan includes a 4.5% cut to the pension plans of general retirees, spending $1.7bn to demolish abandoned buildings and other measures to erase nearly $7bn of debt.

Judge Rhodes said he found the plan fair and reasonable.

The verdict was expected after most major creditors struck deals.

In announcing his approval, Judge Rhodes said that the plan, which limits cuts to city retirees, "borders on miraculous".

PICS AND MORE...

http://www.bbc.com/news/business-29962323