Bankruptcy judge: Detroit casino revenue protected - New York News

Bankruptcy judge: Detroit casino revenue protected

Posted: Updated:
DETROIT, Mich. (AP) -

A federal judge overseeing Detroit's Chapter 9 petition has ruled that a bond debt insurer cannot take casino tax revenue while the city is seeking bankruptcy protection.

Judge Steven Rhodes said Wednesday that the city's tax revenue from its three casinos is protected while halting Syncora Guarantee's efforts to collect up to $15 million each month.

Syncora insures the city's bond debt tied to pensions.

Detroit emergency manager Kevyn Orr filed suit last month to stop Syncora from withholding the monthly casino revenue.

A Wayne County judge granted Detroit's request for a restraining order. That stopped U.S. Bank from refusing to make payments to the city. The bank holds the money in a trust.

Detroit filed for bankruptcy on July 18. It's the largest municipal filing in U.S. history.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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