City of Detroit, Michigan

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Case overview

Case Number:

2:13-bk-53846

Court:

Michigan Eastern

Nature of Suit:

Firms

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September 12, 2014
Syncora-Detroit Deal Would Leave FGIC Alone As Holdout

Closed-door mediation continued Friday on Detroit's efforts to lock down a settlement that would remove Syncora Holdings Ltd. as an opponent to the city's Chapter 9 restructuring, as the other major holdout, Financial Guaranty Insurance Co., faces mounting pressure to surrender.
September 09, 2014
Detroit, Syncora Reach Tentative Deal Over City's Debt

Detroit and Syncora Holdings Ltd. have reached a tentative deal in which the bond issuer will support the city's bankruptcy exit plan in exchange for 26 cents per dollar for Detroit's outstanding debt, among other conditions, a source close to the settlement confirmed Tuesday.
September 09, 2014
Detroit Reaches $50M Deal For Regional Water Authority

The city of Detroit plans to launch a regional water authority with Wayne, Oakland and Macomb counties that will bring in $50 million over the next 40 years, part of the bankrupt city's effort to refinance $5.2 billion in debt, city officials announced on Tuesday.
September 04, 2014
Detroit CFO Defends City's Post-Bankruptcy Budget

Detroit's chief financial officer took the stand Thursday to defend budget projections that foresee the city investing $1.7 billion in essential services and infrastructure under its bankruptcy plan, saying he is confident that measures to bolster revenues and cut costs will succeed.
September 03, 2014
Unhappy Creditors Open Assault On Detroit Ch. 9 Plan

Bond insurer Syncora Holdings Ltd. led the charge Wednesday as dissident creditors blasted Detroit's bankruptcy plan at trial, arguing the city has utterly failed to justify paying its retirees more than financial creditors under the plan.
September 02, 2014
Kirkland Takes A Gamble With Feisty Detroit Playbook

Bankruptcy attorneys at Kirkland & Ellis LLP could potentially face sanctions for accusing a sitting federal judge of favoring Detroit pensioners in the city's hotly contested Chapter 9, and although picking the fight may have irked certain partners, experts say it could also enhance the firm's reputation as a creditors' rights advocate.
August 29, 2014
Detroit Judge Slams Syncora's 'Personal Attack' On Mediators

Syncora Holdings Ltd. made "scandalous and defamatory" claims against two mediators, one a sitting federal judge, who brokered an $816 million settlement at the heart of Detroit's restructuring plan, the city's bankruptcy judge ruled Thursday, opening the bond insurer's team at Kirkland & Ellis LLP up to possible sanctions.
August 25, 2014
Detroit Wins Approval For $1.5B Utility Bond Refinancing

The city of Detroit on Monday won a bankruptcy judge's approval for its proposal to refinance nearly $1.5 billion in water and sewer bonds, a transaction that is expected to free up additional cash flow and eliminate some of the remaining opposition to its emergence from Chapter 9.
August 22, 2014
Detroit's $1.5B Utility Bond Refinancing Succeeds

The Detroit Water and Sewerage Department on Friday elected to refinance $1.5 billion in revenue bonds, a success for the city's contested bankruptcy exit plan that should free up additional cash flow and eliminate some of the remaining opposition to its emergence from Chapter 9.
August 19, 2014
Detroit Slams Syncora For Ch. 9 Grand Bargain 'Falsehoods'

Detroit on Monday fired back at bond insurer Syncora Holdings Ltd. for saying the city's plan for exiting bankruptcy $7 billion lighter in debt is a conspiracy to defraud the city's creditors, urging a Michigan bankruptcy judge to sanction Syncora for its "falsehoods."

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