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Financial plan for Detroit bankruptcy released

DETROIT (WKZO) -- Detroit Emergency Manager Kevyn Orr has filed the "plan of adjustment" with the bankruptcy court.

The plan outlines the city's approach in dealing with an estimated 18-billion dollars in debt.  The proposal calls for cutting the pensions of general retirees by 34-percent and the pensions of retired police and firefighters by ten-percent.

Orr also wants to give creditors who are owed over 374-million dollars in bond payments approximately 20-percent of what they are owed.  He wants to create a voluntary employee benefit association to handle medical and other benefits promised to employees as well.

The plan is the first step in a process to reach an agreement between the city and creditors.