``A draft of the plan, which Detroit Emergency Manager Kevyn Orr circulated among creditors last month, reportedly gives a slight preference to the city's pension funds--which have fought tooth and nail against the bankruptcy--over its bondholders. But neither side is likely to come away happy. The pension funds reportedly would receive 25 cents for every dollar they are underfunded, while bondholders would reportedly receive 22 cents on the dollar.''

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