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>> DETROIT BANKRUPTCY Latest News

APR 09, 2014 - Boston Herald

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Detroit reaches bankruptcy deal over some bonds

DETROIT — The city of Detroit reached a deal in bankruptcy over $388 million in bonds, mediators announced Wednesday, a significant agreement that could influence other creditors to try to get a settlement.Detroit will pay 74 cents for each dollar. Tax revenue that won't be used to pay the balance instead will go to a fund to help low-income retirees, mediators said in a statement.The deal still needs the blessing of Judge Steven Rhodes and is only a small part of the $18 billion bankruptcy case, the largest by a local government in U.S. history.

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