Detroit to file $85 million swaps deal with banks - New York News

Detroit to file $85 million swaps deal with banks

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DETROIT (AP) - The city of Detroit says it has reached yet another deal to settle a pension debt with UBS and Bank of America Merrill Lynch for $85 million and will file it within a few days in federal bankruptcy court.

Judge Steven Rhodes vetoed earlier proposals to settle the debt for $230 million and $165 million.

State-appointed Detroit emergency manager Kevyn Orr said in a statement Monday that the latest agreement balances the needs of the city and its creditors. He says he looks forward to Rhodes' decision on the proposal.

In 2009, Detroit pledged casino taxes as collateral to avoid defaulting on pension debt payments. Detroit locked itself into high interest rates on bonds, and the deal became too costly when interest rates plunged.

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