Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Bankruptcy judge suspends hearing on Detroit's swaps deal

[December 19, 2013]  DETROIT (Reuters) — The bankruptcy judge overseeing Detroit's bankruptcy case on Wednesday suspended a hearing on a $350 million post-petition financing to end interest-rate swaps, urging the city to renegotiate the deal.

The hearing was scheduled to continue through Thursday, but U.S. Bankruptcy Court Judge Steven Rhodes asked Detroit instead to use the time scheduled for court to hash out details of an agreement.

Rhodes ordered the parties back to court on Friday at 10 a.m. (1500 GMT) to discuss the status of Thursday's negotiations. He said the hearing would be continued at a later date.

(Reporting by Joseph Lichterman; editing by James Dalgleish)

[© 2013 Thomson Reuters. All rights reserved.]

Copyright 2013 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.