City of Detroit threatens to sue banks for better loan deal - New York News

City of Detroit threatens to sue banks for better loan deal

Posted: Updated:
(WJBK) -

The city of Detroit made major threats Friday to sue banks that could possibly take all of Detroit's casino money. In fact, the judge urged all parties to this $350 million loan, and who gets the money, to negotiate.

In fact, the judge says he wants all parties to work Christmas Eve, New Year's Eve and possibly even Saturday in order to get a deal that makes sense for everybody. He also ordered Kevyn Orr to cut his holiday vacation by giving a deposition here in Detroit instead of his hometown in Washington, and that would take place on New Year's Eve.

Obviously, the judge is very serious about moving this bankruptcy along in a quick manner.

So, why the urgency?

The bottom line - Detroit needs money, but Detroit can't prefer one creditor over another. And the deal that has been kicked around right now of 75 cents for one bank just doesn't cut it with this judge.

Finally, the judge wants to keep the momentum to try to settle this case alive. He believes that if all parties work together under the pressure, both of the holidays and of the court, that this case possibly - the entire bankruptcy - could go in a major step forward.

The judge also ruled that the law challenging the emergency manager law can move forward, but he also said Kevyn Orr is protected no matter what happens in the case.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • Camilla's brother dies in New York after head injury

    Camilla's brother dies in New York after head injury

    Wednesday, April 23 2014 11:04 PM EDT2014-04-24 03:04:50 GMT
    The brother-in-law of the Prince of Wales died Wednesday after falling outside a hotel bar and suffering a head injury, police said. Mark Shand, the brother of Prince Charles' wife, Camilla, Duchess of Cornwall, was in New York for a charity auction at Sotheby's.
    The brother-in-law of the Prince of Wales died Wednesday after falling outside a hotel bar and suffering a head injury, police said. Mark Shand, the brother of Prince Charles' wife, Camilla, Duchess of Cornwall, was in New York for a charity auction at Sotheby's.
  • Deep split in Port Authority over unfinished WTC tower

    Deep split in Port Authority over unfinished WTC tower

    Wednesday, April 23 2014 9:03 PM EDT2014-04-24 01:03:40 GMT
    Board members of the Port Authority of New York and New Jersey revealed a deep split Wednesday over the agency's role in effecting the completion of the long-delayed 3 World Trade Center project, with some commissioners lauding the effort and others expressing grave concerns. The discussion at the monthly board meeting offered a rare glimpse into the negotiations that have been going on behind the scenes in recent months.
    Board members of the Port Authority of New York and New Jersey revealed a deep split Wednesday over the agency's role in effecting the completion of the long-delayed 3 World Trade Center project, with some commissioners lauding the effort and others expressing grave concerns. The discussion at the monthly board meeting offered a rare glimpse into the negotiations that have been going on behind the scenes in recent months.
  • God's Love We Deliver virtual bake sale for birthday cakes

    God's Love We Deliver virtual bake sale for birthday cakes

    Wednesday, April 23 2014 6:36 PM EDT2014-04-23 22:36:46 GMT
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
    God's Love We Deliver provides meals to people in the New York City area who are too sick to shop and cook for themselves. Clients also receive birthday cards that are decorated by local school students. Sometimes a cake is the only birthday gift that God's Love's clients will receive.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices