Detroit bankruptcy judge reviews new deals to pay off debt - New York News

Detroit bankruptcy judge reviews new deals to pay off debt

Posted: Updated:

DETROIT (AP) -- A judge overseeing Detroit's bankruptcy is considering a recent agreement to pay off banks and settle millions of dollars in debt tied to an interest rate swap deal.
 
A hearing continues Friday that examines the proposal reached last month to terminate the swaps deal for $165 million. The payoff had been $220 million, and Judge Steven Rhodes ordered the city to seek a better deal with the banks.
 
Detroit pledged casino tax revenue in 2009 as collateral to avoid defaulting on past pension debt payments. The swaps allowed Detroit to get fixed interest rates on pension bonds with UBS and Bank of America.

The city also has agreed to lower a financing loan to pay the banks.
 
Detroit's two pension systems contend the new deal is still too costly.

  • Local NewsLocal NewsMore>>

  • Long Island beaches reopen to bathing

    Long Island beaches reopen to bathing

    Tuesday, September 2 2014 10:08 AM EDT2014-09-02 14:08:19 GMT

    Health officials say six Long Island beaches that were closed for one day have reopened to bathing. The Nassau County beaches were closed Monday due to storm water runoff that could negatively impact bacterial levels. The beaches were: Laurel Hollow Beach, Morgan Beach, North Hempstead Beach Park, Sea Cliff Village Beach, Tappen Beach and Theodore Roosevelt Beach.

    Health officials say six Long Island beaches that were closed for one day have reopened to bathing. The Nassau County beaches were closed Monday due to storm water runoff that could negatively impact bacterial levels. The beaches were: Laurel Hollow Beach, Morgan Beach, North Hempstead Beach Park, Sea Cliff Village Beach, Tappen Beach and Theodore Roosevelt Beach.

  • 1 tube of Lincoln Tunnel closed after accident

    1 tube of Lincoln Tunnel closed after accident

    Tuesday, September 2 2014 10:02 AM EDT2014-09-02 14:02:27 GMT
    One of the tubes of the Lincoln Tunnel has been closed after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says four people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
    One of the tubes of the Lincoln Tunnel has been closed after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says four people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
  • Dispute over reclining seat diverts flight, again

    Dispute over reclining seat diverts flight, again

    Tuesday, September 2 2014 8:21 AM EDT2014-09-02 12:21:27 GMT
    Delta photoDelta photo
    A Delta Air Lines flight from La Guardia Airport to West Palm Beach, Florida, was diverted to Jacksonville because of a dispute between passengers over a reclining seat. Delta reportedly says the flight was diverted Monday night when a woman got into an argument with a passenger behind her when the woman was trying to recline her seat while the other passenger was trying to sleep on the tray table.
    A Delta Air Lines flight from La Guardia Airport to West Palm Beach, Florida, was diverted to Jacksonville because of a dispute between passengers over a reclining seat. Delta reportedly says the flight was diverted Monday night when a woman got into an argument with a passenger behind her when the woman was trying to recline her seat while the other passenger was trying to sleep on the tray table.
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 | New Terms of Service What's new | Ad Choices