A panel convened by a federal court to represent the interests of retirees in Detroit's bankruptcy says it has reached a deal with the city.
Reuters reports the deal would cap retirees' pension losses and call for more contributions to their health benefits.
The Detroit Free Press reports that while the deal still has to be approved by individual retirees, it marks an important step in the resolution of the largest municipal bankruptcy in U.S. history.
If approved it would mean the retirees are "supporting Emergency Manager Kevyn Orr's restructuring plan to pull the city out of bankruptcy."
Reuters adds:
"The agreement, subject to documentation, would permit the committee to support Detroit's plan to adjust $18 billion of debt and exit the
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