If Debt Package Is Not Accepted Banks Promise Legitimate Battle With Detroit

The banks also consented to vote for Orrs restructuring plan as part of the settlement, perhaps providing the town the legal authority to implement a forcible restructuring plan in a process termed a cramdown. Several major creditors have objected to the swaps settlement, including a panel addressing Detroits 24,000 retirees, a major bond insurer termed the citys largest employee union and Syncora, the American Federation of State, County and Municipal Employees Council 25.
For That initial model including any supplementary photographs or video, visit http://www.freep.com/guide/20140322/NEWS01/303220064/Bankruptcy-swaps-arrangement-Detroit

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