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Under questioning from the federal judge overseeing Detroit's bankruptcy, bond insurer Syncora Guarantee Inc. said it would settle a year-long battle with the city for 75 cents on the dollar.
September 4 -
Detroit's attorneys launched opening statements on the first day of a historic trial on the city's bankruptcy exit plan, arguing that the city may not survive without the debt adjustment plan and defending a deal to raise money backed by the art collection.
September 3 -
Barring any last-minute settlements with bond insurers, Detroit will begin defending its plan to restructure debt and begin to rebuild the battered city.
September 2 -
The judge overseeing Detroit's bankruptcy chastised bond insurer Syncora Guarantee Inc. for attacking federal mediators as biased and ordered the insurer to defend why it shouldn't face sanctions.
August 29 -
Detroit has finalized an agreement with Barclays Capital Inc. for up to $275 million in financing to exit Chapter 9 bankruptcy as the city gears up for a trial next week on its confirmation plan.
August 28 -
Detroit said it stands behind the proposed $815 million 'grand bargain" as the best solution to aid pensioners and protect the city art museum's collection, rejecting an offer from Art Capital Group for a $4 billion loan with the art collection serving as collateral.
August 27 -
Detroits $1.8 billion water and sewer revenue bond sale this week drew about $7.6 billion of orders, officials said, allowing the city to lower interest rates and carve out some additional savings.
August 27 -
The judge in charge of mediation in the Detroit bankruptcy case ordered a new round of talks between the city and holders and insurers of $1.4 billion of pension certificates of participation.
August 26 -
Standard & Poor's raised Detroit's water and sewer revenue bonds three levels up from junk bond territory ahead of the city's $1.8 billion sale of mostly refunding bonds, offering a more positive assessment than Fitch Ratings or Moody's Investors Service.
August 26 -
Detroit plans to sell $1.8 billion of water and sewer bonds Tuesday through the Michigan Finance Authority in a transaction that allows it to finance the purchase of $1.5 billion of tendered bonds and further its efforts to exit bankruptcy.
August 25