Detroit Tab For Bankruptcy Professionals: $170M

DETROIT (AP) – The bill for lawyers, consultants and other professionals in Detroit’s historic bankruptcy is $170 million.

The city disclosed the figure in a court filing Tuesday as ordered by Judge Steven Rhodes. Detroit must cover the costs, although it received a $5 million reimbursement by the state of Michigan, lowering the total bill to $165 million.

The bankruptcy was the largest by a government in U.S. history. The case was closed earlier this month, but the judge still must sign off on the professional fees.

Detroit got rid of $7 billion in debt, slashed pensions and eliminated retiree health care. The city also is pledging to spend more than $1 billion on better services for residents.

The professional fees are higher than any other city that has gone through bankruptcy.

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