Highlights: How Detroit will slash $7 billion in debt during bankruptcy
By Nathan Bomey, Detroit Free Press | |
McClatchy-Tribune Information Services |
Here are some highlights:
-- Limited-tax general obligation bondholders: The documents reveal for the first time that the city expects to pay limited-tax general obligation bondholders 34 cents on the dollar for their
-- Pension liabilities: The city expects to reduce its unfunded pension liabilities by 54%. The city will reduce those liabilities to
-- Retiree healthcare: The city is also cutting its retiree health care obligation by 89%, slashing a
-- Pension debt deal: The other major source of debt cuts is a
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