Attorney: Bankruptcy plan best Detroit can offer creditors

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An attorney representing Detroit has told a judge that the city couldn't do any better than the amounts of money provided for creditors in its debt-restructuring plan.

Bruce Bennett said Wednesday that "resolving the city's current condition" had to be taken care of first, including funding to improve essential services.

Bennett told federal Judge Steven Rhodes on the second day of Detroit's bankruptcy trial that the city didn't discriminate against creditors.

Bond insurer Syncora Guarantee and some other creditors disagree, saying the plan of adjustment is unfair to them. Attorneys for the creditors are expected speak later Wednesday.

Detroit wants to cut $12 billion in unsecured debt to about $5 billion through its plan of adjustment, which must be approved by Rhodes.

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