Deadline fast-approaching for thousands of creditors in Detroit bankruptcy restructuring vote

The Associated Press
July 11, 2014 01:36 AM

DETROIT - The deadline is fast-approaching for thousands of creditors voting on state-emergency manager Kevyn Orr's bankruptcy restructuring plan for Detroit.

Ballots must be received by a consulting company in California by 5 p.m. EDT Friday or they won't be counted.

Orr spokesman Bill Nowling has said voting results are not expected until next week or later, and that the results will be announced in bankruptcy court.

About 32,000 retirees, current and former city workers are being asked to vote "yes" or "no" on a proposal to cut pensions for non-uniformed retirees by 4.5 per cent and erase cost-of-living allowances. The proposal also eliminates some cost-of-living payments for retired police and firefighters.

Voting "no" could result in deeper cuts to pensions.

The city's bankruptcy trial is to start next month.

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