DENVER -- A bankruptcy judge has approved a workout plan for $46.6 million in debt issued by Castle Pines North Metropolitan District in Colorado, ending four years of struggle that cost bondholders more than $2 million in legal fees.

Last week, U.S. bankruptcy judge Roland Brumbaugh approved a reorganization plan for Castle Pines North, which defaulted on $35 million worth of municipal bonds four years ago. Since the default, there have been two trips to bankruptcy court, a civil trial, and sporadic and contentious negotiations between bondholders and the district.

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