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As Bond Insurers Drop Objections, Detroit Bankruptcy Progresses

Detroit's path through bankruptcy began to take shape on Tuesday, with a second bond insurance firm ready to drop its objections to a controversial city financing plan, joining another bond insurer, bondholders and a committee of retired city workers in reaching agreements with the city.

By Reuters | Updated on December 17, 2013

DETROIT (Reuters) - Detroit’s path through bankruptcy began to take shape on Tuesday, with a second bond insurance firm ready to drop its objections to a controversial city financing plan, joining another bond insurer, bondholders and a committee of retired city workers in reaching agreements with the city.

But other objectors remain, including bond insurers Syncora Guarantee Inc. and Financial Guaranty Insurance Co, which are continuing an effort to derail an expensive interest-rate swaps deal at a discount.

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