Detroit To File $85 Million Swaps Deal With Banks

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The city of Detroit has reached yet another deal to settle a pension debt.
The Detroit News reports that the city announced a crucial bankruptcy settlement with two banks Monday –UBS bank and Bank of America —  “that could save taxpayers $201 million on a disastrous pension-related debt deal and give the city a legal pathway to force other creditors to take $9 billion in cuts.”
Detroit emergency manager Kevyn Orr said in a statement Monday that the latest agreement balances the needs of the city and its creditors. He says he looks forward to Rhodes’ decision on the proposal.


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