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Detroit beneficiaries OK pension cuts

Posted: July 22, 2014 at 3:54 a.m.

 In a May 30, 2014 file photo, Detroit emergency manager Kevyn Orr speaks with reporters after addressing the Mackinac Policy Conference on Mackinac Island, Mich. In the little more than a year since Orr made Detroit the largest U.S. city to seek bankruptcy protection, it has experienced a wide range of improvements that will factor into Judge Steven Rhodes' decisions during next month's bankruptcy trial. A major piece of the bankruptcy puzzle could fall into place Monday, July 21, 2014, with the expected release of the results of a vote by creditors, including more than 30,000 retired and current city workers, on whether to accept millions of dollars in cuts.
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In a May 30, 2014 file photo, Detroit emergency manager Kevyn Orr speaks with reporters after addressing the Mackinac Policy Conference on Mackinac Island, Mich. In the little more than a year since Orr made Detroit the largest U.S. city to seek bankruptcy protection, it has experienced a wide range of improvements that will factor into Judge Steven Rhodes' decisions during next month's bankruptcy trial. A major piece of the bankruptcy puzzle could fall into place Monday, July 21, 2014, with the expected release of the results of a vote by creditors, including more than 30,000 retired and current city workers, on whether to accept millions of dollars in cuts.

Workers and retirees approved pension cuts in Detroit's bankruptcy, the city announced Monday, a crucial step to emerging from the largest municipal insolvency in U.S. history.

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