Michigan House panel OKs state money for Detroit bankruptcy plan

Reuters News
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Posted: May 21, 2014 12:32 PM

(Reuters) - A special Michigan House committee on Wednesday approved a nearly $195 million state contribution for a key element of Detroit's plan to adjust its $18 billion of debt and exit the biggest municipal bankruptcy in U.S. history.

Legislation appropriating the money from Michigan's rainy day fund was part of an 11-bill package the committee approved and sent to the full House for consideration.

(Reporting By Karen Pierog; Editing by Chris Reese)