Share on StockTwits

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.

“Detroit Reaches More Bankruptcy Deals With Creditors” is categorized as “world”. This video was licensed from Grab Networks. For additional video content, click the “video” tab at the top of this page.

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.