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The largest municipal bankruptcy in U.S. history is ending. Federal Judge Steven Rhodes on Friday confirmed Detroit’s plan to emerge from Chapter 9 bankruptcy, allowing the city to erase a $7 billion mountain of unfunded debt and setting it on a course to try to revive its financial fortunes.
Judge Rhodes approved the historic plan to a hushed courtroom shortly after 1 p.m. ET. “The court confirms the plan,” he told an audience that included city officials, creditors, and other onlookers.
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