Detroit Bankruptcy: Hearing to continue on pension debt payment - New York News

Detroit Bankruptcy: Hearing to continue on pension debt payment deal

Posted: Updated:

DETROIT (AP) -- A bankruptcy court hearing on Detroit's renegotiated deal to pay off two banks in an interest rate swaps deal is scheduled to resume.
 
Closing arguments are set to start Monday morning in Detroit.
 
The city pledged casino tax revenue in 2009 as collateral to avoid defaulting on pension debt payments. The swaps allowed Detroit to get fixed interest rates on pension bonds with UBS and Bank of America.
 
Orr and the banks initially reached a $220 million payoff, but bankruptcy Judge Steven Rhodes ordered the city to negotiate a better deal.
 
A new $165 million deal to terminate the swaps agreement was reached late last month. Rhodes still has to approve the deal.
 
State appointed emergency manager Kevyn Orr has testified that the new proposal is best for the city.

  • Local NewsLocal NewsMore>>

  • New York's daring Instagrammers

    New York's daring Instagrammers

    Wednesday, August 20 2014 6:03 PM EDT2014-08-20 22:03:35 GMT
    Pull out your smartphone on any given day, tap on Instagram and you'll find a lot of selfies. But while the rest of us clog our feeds with our best pouty faces, a group of photographers scales and then hangs off bridges and buildings in a contest to produce the most daring photograph in New York City.
    Pull out your smartphone on any given day, tap on Instagram and you'll find a lot of selfies. But while the rest of us clog our feeds with our best pouty faces, a group of photographers scales and then hangs off bridges and buildings in a contest to produce the most daring photograph in New York City.
  • Designer clothes at giant thrift shop in NJ

    Designer clothes at giant thrift shop in NJ

    Wednesday, August 20 2014 5:57 PM EDT2014-08-20 21:57:04 GMT
    Like most soon-to-be third graders, Sonja knows what she's looking for when it comes to back-to-school shopping. For kids trying to be fashionable -- and parents looking to keep it affordable -- there's the Ocean County Hunger Relief Warehouse in Toms River, New Jersey. It's basically a huge thrift shop.
    Like most soon-to-be third graders, Sonja knows what she's looking for when it comes to back-to-school shopping. For kids trying to be fashionable -- and parents looking to keep it affordable -- there's the Ocean County Hunger Relief Warehouse in Toms River, New Jersey. It's basically a huge thrift shop.
  • Snow leopard cubs on display at Bronx Zoo

    Snow leopard cubs on display at Bronx Zoo

    Wednesday, August 20 2014 4:55 PM EDT2014-08-20 20:55:28 GMT
    Two snow leopard cubs born at the Bronx Zoo in the spring are now on display in the Himalayan Highlands exhibit with their mother, the Wildlife Conservation Society announced. The male cubs were born May 6 to first-time parents, the WCS said. The Bronx Zoo participates in a cooperative breeding program with other zoos around the country to prevent inbreeding and make sure zoo animals are genetically viable.
    Two snow leopard cubs born at the Bronx Zoo in the spring are now on display in the Himalayan Highlands exhibit with their mother, the Wildlife Conservation Society announced. The male cubs were born May 6 to first-time parents, the WCS said. The Bronx Zoo participates in a cooperative breeding program with other zoos around the country to prevent inbreeding and make sure zoo animals are genetically viable.
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