Economy

Demeter

(85,373 posts)

10. Detroit asks bankruptcy court to OK new deal to end swaps

Tue Mar 4, 2014, 10:09 PM

Mar 2014

http://www.reuters.com/article/2014/03/04/usa-detroit-bankruptcy-idUSL1N0M102F20140304

Detroit on Monday asked a U.S. Bankruptcy Court judge to approve its third try at ending controversial interest rate swaps, laying out a plan that would cost the city just $85 million.

The cost to terminate the hedging deals with UBS AG and Merrill Lynch Capital Services is less than the city's previous proposals, which were rejected by Judge Steven Rhodes, who is overseeing the city's historic municipal bankruptcy case, as being too costly for the broke city.

In a court filing, Detroit said the investment banks agreed to vote for city's debt adjustment plan, a move that could help the city force the plan on dissenting creditors.

THE JUDGE WANTS KEVIN ORR TO FIGHT THE CONTRACTS AS THE FRAUDS THEY ARE....BUT KEVIN IS A LOVER, NOT A FIGHTER....

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