Detroit will file a plan to adjust its debt with the U.S. Bankruptcy Court next week, an attorney representing the city told the judge overseeing the case on Monday. Bruce Bennett, an attorney with law firm Jones Day, told Judge Steven Rhodes that Detroit's filing target of Friday was too tight and needed to be extended. A copy of the confidential proposal obtained by Reuters indicated that Detroit's two pension funds, its largest unsecured creditors, would fare better than owners of city bonds that are also considered unsecured debt. The proposal, which was crafted by Detroit Emergency Manager Kevyn Orr and his team of consultants based on discussions with creditors, also excluded interest-rate swap agreements from the settlement plan after Rhodes twice rejected agreements between the city and swap providers to end them at a discounted cost.
via Business News - Yahoo Finance http://ift.tt/1eKcMfu
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