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updated: 2/21/2014 10:24 AM

Detroit expected to debt restructuring plan Friday

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  • The monument to the boxer Joe Louis in Detroit. 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.

      The monument to the boxer Joe Louis in Detroit. 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.
    Associated Press

 
Associated Press

DETROIT -- A plan to get the city of Detroit through and out of bankruptcy is expected to be filed before a court-imposed deadline.

A spokesman for state-appointed emergency manager Kevyn Orr has said the plan will be filed in federal bankruptcy court Friday, though the deadline for filing is March 1.

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The plan will spell out how those receiving city pensions, retirees, banks, bond insurers and other creditors will fare under Orr's efforts to trim down Detroit's $18 billion debt.

A draft given last month to creditors showed retirees and pensioners getting $4.3 billion and bondholders about $1.1 billion over 40 years, leaving the city with a nearly $336 million surplus.

The plan will be accompanied by a statement outlining reinvestment in Detroit, including municipal services, during the next 10 years.

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