NEW YORK, April 15 Detroit is near striking
agreements on pension cuts for retirees, a key hurdle for a city
trying to exit America's biggest municipal bankruptcy, local
newspapers said on Tuesday.
A deal calling for pension cuts with groups representing
former city employees could come as early as Tuesday, the
Detroit Free Press said on its website.
"The two sides have made significant progress in mediation
talks ...," the Detroit Free Press said.
City officials and representatives of retiree groups were
not immediately available to comment on Tuesday.
But one pension fund official was quoted as saying a deal
was likely but not yet agreed.
"We're all expecting to come to some kind of understanding
(Tuesday), I hope," George Orzech, chairman of the Detroit
Police and Fire Retirement System, told The Detroit News. "But
who knows? I've been wrong before."
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On Friday, Detroit's plan to get out of bankruptcy cleared a
major hurdle when a U.S. Bankruptcy Court judge approved the
cash-strapped city's third attempt at settling costly
interest-rate swap agreements with two investment banks.
(Reporting by Michael Connor in New York; Editing by James