Update Alert (11:06 a.m.):
The City of Detroit announced a settlement with Financial Guaranty Insurance Thursday morning.
According the the terms FGIC will receive part of the Joe Louis Arena, its garage and parking revenue as part of the settlement.
The FGIC says it will demolish the Joe Louis Arena and build a hotel and conference center by 2017.
The deal must be approved by Detroit City Council and U.S. Bankruptcy Judge Steven Rhodes.
According to reports by NewsOne there is a possible settlement between the city and one of it’s major creditors:
Lawyers have promised to reveal details in court Thursday as the trial on Detroit’s bankruptcy plan nears an end.
A bond insurer, Financial Guaranty Insurance, is considered the most significant opponent of the plan still standing after months of deals between the city and other creditors.
Stay tuned to MichiganChronicle.com for updates on this story as it develops.
