Creditors to question Orr on debt settlement deal
Updated On: Aug 30 2013 07:10:15 AM EDT
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.