Detroit bankruptcy plan OK'd but effective date still unsettled; another hearing on Nov. 24


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DETROIT — Detroit's bankruptcy plan has been approved but the date it takes effect still is unsettled.

Judge Steven Rhodes says he'll discuss it in court on Nov. 24. He held a hearing Wednesday on a variety of housekeeping matters, five days after giving the green light to Detroit's plan to get out of bankruptcy.

The effective date is important because it puts the plan in play. The city wants to line up certain financing as soon as possible, especially with end-of-the-year holidays looming.

The judge says he's waiving a 14-day freeze that typically applies when a bankruptcy plan is confirmed.

Meanwhile, a commission that will closely watch Detroit's restructuring held its first meeting Wednesday.

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