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Auguste Rodin's sculpture "The Thinker" is shown outside The Detroit Institute of Arts in Detroit. (AP Photo/Paul Sancya)

(Bloomberg) – Detroit won approval of a debt- cutting plan that backers say will allow the one-time hub of the U.S. auto industry to exit its record $18 billion municipal bankruptcy and rebuild after decades of population decline and industrial decay.

The plan to eliminate $7 billion in debt is an “ideal model” for other distressed municipalities, U.S. Bankruptcy Judge Steven Rhodes announced in court today in granting his approval. “There is no more money available for creditors in the city’s financial projection.”

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