Swaps Deal? City attorney says new agreement will be submitted soon

Swaps Deal? City attorney says new agreement will be submitted soon

Detroit has a third settlement agreement that would end its costly interest-rate swaps. An attorney for the city this morning says the city plans to file the deal in the next few days. Bankruptcy Judge Steven Rhodes has twice rejected similar proposals, calling them too expensive for the city and too generous to the creditors: UBS AG and Merrill Lynch Capital Services.

Here is the Reuters story about the agreement.

The Detroit Free Press posted this piece.