DETROIT - The trial to determine whether bankrupt Detroit's restructuring plan will be approved had begun, just over a year after the city sought court protection in July 2013.
The confirmation trial for the largest municipal bankruptcy in U.S. history started Tuesday in federal court.
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Bill Nowling, spokesman for Detroit's emergency manager, says the city hopes to cut $12 billion in unsecured debt to a "much more manageable" $5 billion.
Massive debt, thousands of creditors and complex union and pension issues had many experts thinking Detroit's bankruptcy would take years to resolve. Two California cities -- Stockton and San Bernardino -- that filed a year before Detroit have cases that continue to drag on.
Pensioners already have approved the settlement plan, but at least one creditor says it is discriminatory.
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