Detroit Reaches More Bankruptcy Deals With Creditors
Detroit announced settlements Friday with a group of holdout unsecured bondholders and the city’s largest union, moves that put the Motor City a step closer to exiting bankruptcy. The deals also may encourage more workers and retirees to approve the city’s grand bargain aimed at reducing pension cuts and rescuing the Detroit Institute of Arts. The names of the bondholders and the amounts and terms of the deal weren’t released, with mediators saying details “are in the final documentation process” and that the creditors are companies that either hold or insure a large majority of limited-tax general obligation bonds.
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