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Tuesday, December 3rd, 2013: Michigan U. S. District Court Judge Steven Rhodes ruled today that the city of Detroit has met the specific legal criteria required to receive Chapter 9 bankruptcy protection from its creditors --- including its retirees.
Setting the stage for the largest municipal bankruptcy in the history of the United States, Rhodes
stated to the surprise of many that the city would also, as part of its bankruptcy, be allowed to cut
pensions for Detroit municipal retirees --- so long as these cuts are part of a fair and equitable overall Chapter 9 bankruptcy plan.
[www.abajournal.com/news/article/Federal Judge OKs Detroit Bankruptcy/12-3-2013; www.freep.com/print/article/12-03-2013/Judge Rules Detroit Eligible For Historic Chapter 9 Bankruptcy(Detroit Free Press Business Writers) ]
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