News Column

A fight in Detroit

August 12, 2014



A major Detroit creditor is objecting to the bankrupt city's plan to erase or reduce billions of dollars in debt, days before the largest municipal bankruptcy case in U.S. history is set to start trial on Aug. 21. Syncora Guarantee in a court filing said the city's plan is unfair, will be too costly to defend and will fail. Syncora claims it is owed

$400 million under a deal that allowed Detroit to get fixed interest rates on pension bonds with two banks.



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Source: USA Today


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