Topics

St. John's University

Deal between Detroit, creditor seen as bankruptcy case breakthrough

Deal between Detroit, creditor seen as bankruptcy case breakthrough

A tentative agreement to settle claims between Detroit and one of the most vociferous opponents to its plan to reduce its debt is a key breakthrough that could bring a speedier end to the city’s bankruptcy trial, court documents and an analyst say. Syncora, an insurer that is owed hundreds of millions of dollars from the city, filed a joint motion with Detroit late Tuesday requesting that the bankruptcy hearing be adjourned until Friday because the two parties had reached an agreement “in principle” and needed time to iron out the details. Bankruptcy Judge Steven Rhodes adjourned the trial until Monday at the request of another creditor. If the two sides finalize the...

Loading

80°