- Posted January 02, 2015
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Detroit tab for bankruptcy professionals is $170M
DETROIT (AP) - The bill for lawyers, consultants and other professionals in Detroit's historic bankruptcy is $170 million.
The city disclosed the figure in a court filing Tuesday as ordered by Judge Steven Rhodes. Detroit must cover the costs, although it received a $5 million reimbursement by the state of Michigan, lowering the total bill to $165 million.
The bankruptcy was the largest by a government in U.S. history. The case was closed earlier this month, but the judge still must sign off on the professional fees.
Detroit got rid of $7 billion in debt, slashed pensions and eliminated retiree health care. The city also is pledging to spend more than $1 billion on better services for residents.
The professional fees are higher than any other city that has gone through bankruptcy.
Published: Fri, Jan 02, 2015
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