Creditors to question Orr on debt settlement deal

By Doda Lulgjuraj
Published On: Aug 30 2013 02:05:28 AM EDT
Updated On: Aug 30 2013 07:10:15 AM EDT

State-appointed emergency manager Kevyn Orr is to be questioned by attorneys representing a debt insurer and others named as creditors in Detroit's bankruptcy filing.

DETROIT -

State-appointed emergency manager Kevyn Orr is to be questioned Friday by attorneys representing a debt insurer and others named as creditors in Detroit's bankruptcy filing.
 
The deposition is scheduled to start at 8:30 a.m. at the Westin Book Cadillac hotel in downtown Detroit.
 
It will be recorded and videotaped for use in court proceedings.
 
Syncora Guarantee wants to question Orr about a deal that would let Detroit settle millions of dollars in pension debt with two banks for as little as 75 cents on the dollar.
 
Syncora says that it will lose money on interest rate swap deals involving the debt.
 
Attorneys for the Retired Detroit Police Members Association and the city's two retirement systems also are listed among parties scheduled to depose Orr.

Comments

The views expressed below are not those of Click On Detroit, WDIV, or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus