09 September 2014

Let's Make a Deal (Detroit Style)!

News from Detroit: the city of Detroit and Syncora, one of the two holdouts from Detroit's plan of adjustment have reached a deal. Read about it here.

This is of course, what I opined might happen here and what I argued should be allowed to happen in my article, Municipal Bankruptcy: When Doing Less Is Doing Best (download here).

Detroit's confirmation battle is not over because one bond insurer remains on the outside but the pressure on Financial Guaranty Insurance Company will soon prove unbearable.

UPDATE: For more deal details read Reuters here.

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