The announcement came as the judge handling the $18 billion bankruptcy case urged Detroit to resolve disputes with suburbs that rely on it for water and sewer services.
Detroit will ask the judge to let it seek votes on a debt - reduction plan filed last month by emergency manager Kevyn Orr. That plan would reduce pensions to police officers, firefighters and other city employees.
The swaps, tied to pension obligation bonds issued in 2005 and 2006, were designed to protect against rising interest rates by requiring the banks to pay the city if rates rose above a certain level.
DebugScreen: mobile
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"articles": [
{
"uri": "/2014/04/28/detroit-mediators-say-unions-agree-on-five-year-co/",
"title": "Detroit mediators say unions agree on five-year contracts",
"byline": "Steven Church and Steven Raphael",
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"prettyDate": "April 28, 2014",
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"summary": "The announcement came as the judge handling the $18 billion bankruptcy case urged Detroit to resolve disputes with suburbs that rely on it for water and sewer services.",
"body": null
},
{
"uri": "/2014/04/11/detroit-allowed-to-pay-ubs-bofa-85-million-to-end/",
"title": "Detroit allowed to pay UBS, BofA $85 million to end swaps",
"byline": "Steven Raphael and Steven Church",
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"prettyDate": "April 11, 2014",
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"kickerNode": [],
"summary": "A deal that may help the city speed the end of the biggest-ever U.S. municipal bankruptcy, which is threatening city pensions.",
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},
{
"uri": "/2014/03/26/detroit-gets-90-more-days-to-decide-on-police-stat/",
"title": "Detroit gets 90 more days to decide on police station leases",
"byline": "Steven Raphael and Steven Church",
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"prettyDate": "March 26, 2014",
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"summary": "Detroit will ask the judge to let it seek votes on a debt - reduction plan filed last month by emergency manager Kevyn Orr. That plan would reduce pensions to police officers, firefighters and other city employees.",
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{
"uri": "/2014/03/20/detroits-85-million-swaps-deal-not-yet-final-lawye/",
"title": "Detroit’s $85 million swaps deal not yet final, lawyer says",
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"summary": "The swaps, tied to pension obligation bonds issued in 2005 and 2006, were designed to protect against rising interest rates by requiring the banks to pay the city if rates rose above a certain level.",
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