- Detroit has filed the latest version of its debt-reduction proposal after it forged a deal with representatives of tens of thousands of retired city workers.
- Detroit has agreed to ease healthcare and pension cuts, although retirees will still only receive 10-13% of what they would have originally been given for healthcare.
- The deal "puts the city that much closer to emerging from bankruptcy solvent, more credit worthy and better able to provide basic services to its nearly 700,000 residents," said Emergency Manager Kevin Orr.
- The agreement adds to those that Detroit has formulated with several banks, bond insurers and other retiree groups, boosting the chances of the city receiving approval from its creditors for its restructuring plan. However, some bond insurers and unions still haven't come to an agreement with Detroit.
- A vote on the debt restructure could start next month.
- More on Detroit
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at CNBC.com (Jul 25, 2014)