He issued it from the bench, then it was filed with U.S. Bankruptcy Court. Below is Judge Steven Rhodes’s ruling in the city’s “swaps agreement” with two global banks that financed some city pension debt.
Rhodes’s approval means the city’s roughly $280 million debt was reduced to $85 million in the 2005-2006 deals. Another term of the agreement was the banks’ promise to approve the city’s bankruptcy exit plan when all the city’s creditors vote in May and June. Having that support means the court can “force” other creditor classes to accept whatever final plan emerges, including retirees.