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Feb. 21 (Bloomberg) — Detroit’s plan to end its $18 billion bankruptcy assumes bondholders offered 20 cents on the dollar will eventually swallow a deal that guarantees police and firefighters collect 90 percent of their pensions.

The city’s debt-adjustment plan, filed today in U.S. Bankruptcy Court in Detroit, is built on $820 million in contributions from private foundations and the state. Those groups say no money will flow without a settlement that protects the city’s valuable art collection from liquidation by bondholders and other creditors.

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