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Detroit expects $195 million lump sum from state to help pensions, get city out of bankruptcy
Reported by: Associated Press
Reported: Monday, May 5, 2014 1:17 PM EDT
The city of Detroit's latest plan to get out of bankruptcy includes a lump-sum payment of about $195 million from the state to shore up pensions and prevent the sale of city-owned art.
But it's not a done deal. The Republican-controlled Legislature still needs to embrace it, and Detroit's bankruptcy plan would have to be approved by a judge by the end of September. Foundations and philanthropists also have to kick in millions of dollars.
The details emerged Monday in the city's latest strategy to get out of bankruptcy. The amended plan comes a week before ballots are sent to thousands of creditors, including roughly 30,000 retirees and current city employees.