Detroit bankruptcy trial on hold, city ordered to renegotiate - New York News

Detroit bankruptcy trial on hold, city ordered to renegotiate with banks

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(WJBK) -

Judge Steven Rhodes pulled the plug Wednesday on the week's bankruptcy trial. The move comes on the second day of the proceedings and after Detroit emergency manager Kevyn Orr took the stand.

At issue is a deal Orr says would give the city a much needed $350 million in financing from London-based Barclays. But, instead of hearing more arguments from the city and those opposed to the deal, Judge Rhodes halted the trial.

Judge Rhodes is ordering the city to renegotiate deals with Bank of America, Merrill Lynch and UBS.

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