Detroit reaches bankruptcy deal over some bonds
In this July 17, 2013, file aerial photo the city of Detroit is seen. Mediators announced Wednesday, April 9, 2014, that the city of Detorit reached a deal in bankruptcy over $388 million in bonds. It is a significant agreement that could influence other creditors to try to get a settlement. The deal still needs the blessing of Judge Steven Rhodes and is only a small part of the $18 billion bankruptcy case, the largest by a local government in U.S. history. Paul Sancya/The Associated Press
Posted: Wednesday, April 9, 2014 1:21 pm
DETROIT — The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement.
Detroit will pay 74 cents for each dollar. Some tax revenue that won’t be needed to pay the balance instead will go to a fund to help low-income retirees, mediators said in a statement.
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Wednesday, April 9, 2014 1:21 pm.