Law360, New York ( November 11, 2014, 7:44 PM EST) -- The confirmation last Friday of the city of Detroit's Chapter 9 plan of adjustment is by far the most significant event in the world of municipal bankruptcy since Congress first enacted Chapter 9's predecessor statute nearly 80 years ago.[1] Although any detailed analysis of the bankruptcy court's legal reasoning is premature until Judge Steven Rhodes issues his formal confirmation order and opinion, the outcome of the case offers a number of broad brush lessons for municipalities in distress, and their key constituents and advisers, across the country....
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