July 22 (Bloomberg) — Detroit's public workers and retirees voted to accept cuts to their pensions and health-care benefits, moving the city a step closer to winning approval of a bankruptcy exit plan that eliminates $7.4 billion in debt.
While the vote reported yesterday isn't binding on U.S. Bankruptcy Judge Steven Rhodes, who will start a trial on the feasibility of the plan next month, he will take it into consideration in deciding whether to approve the proposal. A court-appointed adviser yesterday said the plan was workable.
About 82 percent of the current and retired police and firefighters voted for the proposal, while about 73 percent of general city workers and retirees supported it.
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