Detroit Today

Bankruptcy Update: Settlement Between City & Syncora?

Wednesday, September 10, 2014

Laura gets a bankruptcy update and discusses the potential impact of a tentative settlement between Syncora and the City of Detroit. Laura is joined by Detroit Free Press reporter Matt Helms and WDET's own Sandra Svoboda.

Detroit’s ongoing trial has been postponed until Monday, Sept. 15, because of the tentative agreement. Attorneys for the city and Syncora filed a joint-motion last night, and during a short motion hearing today, Judge Steven Rhodes agreed to postpone court proceedings until next week to allow the city and the bond insurer to finish the details of the agreement.

The agreement would would include preliminary terms that Emergency Manager Kevyn Orr gave to City Council last night. The terms include Syncora receiving money and a lease to operate the Detroit-Windsor Tunnel and a parking garage downtown. Plus, credit toward purchasing potential assets that the city might end up selling.

Find more coverage of Detroit's bankruptcy and its impact on people and neighborhoods on WDET's Next Chapter Detroit blog.

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