CHICAGO — After undertaking a massive restructuring of the troubled Detroit suburb of Pontiac, Mich., the city's emergency manager, Louis "Bud" Schimmel, has one last obstacle standing in the way of his retirement: the city's retiree health care debt.

Schimmel, 76, hopes to step down next month after spending nearly two years as Pontiac's emergency manager, the city's third since the state declared it to be in a state of fiscal emergency in March 2009.

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