- Posted December 20, 2013
- Tweet This | Share on Facebook
Judge orders Detroit to renegotiate bank debt deal
DETROIT (AP) -- A federal bankruptcy judge has told state-appointed Detroit emergency manager Kevyn Orr and his team to renegotiate a better debt settlement with two banks.
Judge Steven Rhodes suspended a hearing Wednesday on whether the deal would be allowed.
The deal involves a $350 million loan from Barclays. About $230 million would be used to fully pay off a complicated $1.4 billion deal with the banks to cover city pension debt. The rest would be used on city services.
Lawyers for Detroit said they'll renegotiate Thursday with the banks and inform Rhodes today about their progress.
Detroit retirees and pensioners oppose the deal with the two banks.
On Dec. 3, Rhodes approved Orr's petition to take Detroit into bankruptcy. Orr says Detroit has at least $18 billion in debt.
Published: Fri, Dec 20, 2013
headlines Oakland County
- Probate perspectives
- Chief Justice Cavanagh emphasizes funding need for case management system, problem-solving court expansion
- Nessel issues new consumer alert on toll or ticket scams
- Man charged with conducting large-scale gift card fraud scheme
- Supreme Court revives suit challenging restrictions on demonstrations
headlines National
- Did They Know the Score? Amid March Madness, questions remain about college athletes indicted in fixing scheme
- Google’s AI platform incited man’s death by suicide and ‘mass casualty’ attempt, suit alleges
- Goldman Sachs’ top lawyer, who has been linked to Epstein, exits with $25M pay package
- 2 lawyers convicted in staged truck accidents scheme
- Elon Musk defrauded Twitter investors in $44B buyout, jury finds
- Federal judges speak out about threats becoming ‘ordinary’
