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According to internal city documents obtained by the Detroit Free Press, the City of Detroit expects to shed about $7 billion in debt in Chapter 9 bankruptcy, allowing the city to escape 74% of its unsecured liabilities and reinvest heavily in services. The documents show, the debt-cutting goals, which will still face extensive scrutiny and opposition during a sweeping mid-August bankruptcy trial, come at a steep price, with investment banking firm Miller Buckfire expected to charge $28 million for helping the city restructure.



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