Detroit reaches bankruptcy deal over some bonds - FOX13 News, WHBQ FOX 13

Detroit reaches bankruptcy deal over some bonds

Posted: Updated:
DETROIT (AP) -- The city of Detroit has reached a deal in bankruptcy over $388 million in bonds.

Mediators say Detroit will pay 74 cents for each dollar in the claim. The balance of the claim will be erased, and the money will go to help low-income retirees.

The deal was announced Wednesday. It still needs the blessing of Judge Steven Rhodes and is only a small part of the overall bankruptcy case.

In a statement, mediators say they hope the settlement will encourage other creditors to reach more deals. Detroit hopes to exit bankruptcy by fall, but the city's plan first must face a series of court hearings in summer.
  • Download the FOX 2 Apps

  • FOX 2 News Five-Day Forecast
Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices