Judge confirms Detroit’s plan to exit largest municipal bankruptcy

Detroit can bid bankruptcy goodbye within weeks.

U.S. judge Steven Rhodes confirmed a plan Friday that will cut over $7 billion in unsecured liabilities and pump $1.4 billion into the Motor City for basic rehabilitation over the next decade. The city will exit Chapter 9 bankruptcy in a matter of weeks, according to the Detroit Free Press. The timetable is much faster than experts anticipated.

The process to adjust the city’s $18 billion in debt began over two months ago in hearings that ultimately decided the plan was both fair to creditors and practical to implement. All together, the hearings featured 41 witnesses, 2,327 exhibits and 46 individuals submitting personal testimony, according to the Detroit Free Press.