Detroit To File $85 Million Swaps Deal With Banks

The city of Detroit has reached yet another deal to settle a pension debt.
The Detroit News reports that the city announced a crucial bankruptcy settlement with two banks Monday –UBS bank and Bank of America —  “that could save taxpayers $201 million on a disastrous pension-related debt deal and give the city a legal pathway to force other creditors to take $9 billion in cuts.”
Detroit emergency manager Kevyn Orr said in a statement Monday that the latest agreement balances the needs of the city and its creditors. He says he looks forward to Rhodes’ decision on the proposal.
 
 

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Miss AJ Williams

AJ Williams is a spiritual & wellness educator, speaker, author, and travel enthusiast with experience in print, radio, and television. She is currently Michigan Chronicle’s managing editor, City.Life.Style. editor and resident astrologer. Follow her on IG, TikTok and Twitter @MissAJWilliams — www.MissAJWilliams.com or email: aj.williams@michronicle.com

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