Judge confirms Detroit plan to exit historic bankruptcy

Reuters News
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Posted: Nov 07, 2014 1:21 PM

DETROIT (Reuters) - A U.S. Court judge on Friday confirmed Detroit's plan to adjust $18 billion of debt and exit the biggest-ever municipal bankruptcy.

The ruling by Judge Steven Rhodes, who is overseeing the historic case, came more than two months after the start of a hearing to determine whether the plan was fair to creditors and feasible for the city to implement.

(Reporting By Lisa Lambert in Detroit, additional reporting by Karen Pierog in Chicago, editing by Matthew Lewis)