Lawyers make final arguments in Detroit's historic bankruptcy trial; ruling expected next week

Lawyers have begun making their closing arguments in Detroit's bankruptcy trial.

Bruce Bennett, an attorney for the city, immediately noted the historic nature of the case Monday. He says no other bankrupt local government has reached agreement with major creditors to get rid of $7 billion of debt.

Attorneys for the state of Michigan, retirees and pension funds also are expected to make closing remarks. Judge Steven Rhodes will decide by next week whether Detroit's bankruptcy plan is fair and feasible.

Detroit filed for Chapter 9 bankruptcy protection in July 2013, becoming the largest U.S. city to ever do so.

Key elements of the city's exit plan include a 4.5 percent pension cut for general retirees, who voted in favor earlier this year.