Source: http://jurist.org/paperchase/2014/01/detroit-bankruptcy-165-million-settlement-struck-down.php
Wednesday, January 22, 2014
Detroit $165 million bankruptcy settlement rejected
[JURIST] A judge for the US Bankruptcy Court for the Eastern District of Michigan [official website] on Thursday rejected a proposed $165 million settlement agreement for the now-bankrupt city of Detroit to pay off UBS and Bank of America [corporate websites]. Referring to the agreement as financially imprudent [WSJ report], Judge Steven Rhodes put a halt to what has been the only completed deal in efforts to cut down the city's $18 billion long-term debt obligation. However, the court did...
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