The city of Detroit agreed this week to raze the Joe Louis Arena, the home of the Red Wings hockey team, and hand the land over to one of its corporate creditors in order to satisfy a small portion of a $1 billion debt.

The move brings the Motor City closer to resolving its June 23, 2013 bankruptcy filing. The settlement will leave creditors with pennies on the dollar and retired public employees with only about half of what they were promised.

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