Detroit Bankruptcy Plan Approval Opens Way for Revival
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Detroit won approval of a debt-cutting plan that backers say will allow the hub of the U.S. auto industry to exit its record $18 billion municipal bankruptcy and rebuild after decades of population decline and industrial decay.
The plan to eliminate $7 billion in debt is the only way to remedy the city’s failure to provide adequate services like police and fire protection, U.S. Bankruptcy Judge Steven Rhodes said in court yesterday in granting approval.