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Detroit creditors receive preliminary plan

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January 29, 2014 04:34 PM EST | AP


DETROIT (AP) — The state-appointed emergency manager who is overseeing Detroit's finances has given creditors his proposal to restructure the city's debt as he takes it through the largest municipal bankruptcy in U.S. history.

Police and Fire Retirement System spokesman Bruce Babiarz tells The Associated Press the pension fund received Kevyn Orr's "preliminary plan of adjustment" Wednesday afternoon.

Babiarz says he can't discuss what's in the plan because it's part of a confidential mediation process involving the city, the pension funds, unions, banks and other creditors.

Orr filed for bankruptcy July 18, saying the city's debt is at least $18 billion. Federal Judge Steven Rhodes in December ruled Detroit is eligible to fix its finances in bankruptcy court.

The AP left messages Wednesday seeking comment from Orr's office and Mayor Mike Duggan.