- Posted July 10, 2013
- Tweet This | Share on Facebook
Company backing Detroit bonds opposes city plans
DETROIT (AP) -- An insurance company that backs more than $170 million in Detroit bonds says it opposes a plan by the city's state-appointed emergency manager to restructure the city's finances.
Ambac Assurance Corp. said in a statement issued Monday that it disagrees with Kevyn Orr's plan to treat general obligation bondholders the same as unsecured creditors, calling it "harmful to Detroit and the interests of taxpayers in Michigan."
Orr's office disagrees with Ambac's assessment, saying general obligation bonds are unsecured debt.
Orr stopped paying Detroit's unsecured creditors in mid-June and seeks to settle their $11.4 billion in claims with about $2 billion. The bankruptcy expert plans to take about 25 bankers on a tour today of some of Detroit's hardest-hit areas to help them understand what is at stake.
Published: Wed, Jul 10, 2013
headlines Oakland County
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
