- Posted December 20, 2013
- Tweet This | Share on Facebook
Judge orders Detroit to renegotiate bank debt deal
DETROIT (AP) -- A federal bankruptcy judge has told state-appointed Detroit emergency manager Kevyn Orr and his team to renegotiate a better debt settlement with two banks.
Judge Steven Rhodes suspended a hearing Wednesday on whether the deal would be allowed.
The deal involves a $350 million loan from Barclays. About $230 million would be used to fully pay off a complicated $1.4 billion deal with the banks to cover city pension debt. The rest would be used on city services.
Lawyers for Detroit said they'll renegotiate Thursday with the banks and inform Rhodes today about their progress.
Detroit retirees and pensioners oppose the deal with the two banks.
On Dec. 3, Rhodes approved Orr's petition to take Detroit into bankruptcy. Orr says Detroit has at least $18 billion in debt.
Published: Fri, Dec 20, 2013
headlines Oakland County
- Appreciating members
- Oakland County purchasing renewable energy to power buildings
- Former Customs and Border Protection agent sentenced to 60 months in prison for receiving child pornography
- Whitmer signs bipartisan bills to expand mental health care, protect consumer data, and increase government efficiency
- Challenge to Michigan’s hen enclosure law dismissed
headlines National
- Protecting Attorney-Client Relationships: ABA advocacy helps safeguard the right to effective assistance of counsel
- Did ‘corporate speak’ and PowerPoint lead to complacency at GM?
- Ex-employee sues Sheppard Mullin over cyberattack exposing sensitive personal data
- Ropes & Gray allows more attorneys to count AI testing toward billable hours
- Plaintiff who filed fraudulent case, trashed desktop computer hit with sanctions
- Man who threatened Supreme Court justices avoids prison time
