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Detroit Bond Insurer Syncora May Fight Latest Swaps Proposal

Syncora Guarantee Inc. threatened to put another obstacle in the way of Detroits efforts to cut debt through bankruptcy by saying it may oppose the citys plan to pay $85 million to end interest-rate swaps.

By Steven Church, Bloomberg | Updated on March 06, 2014

(Bloomberg) — Syncora Guarantee Inc. threatened to put another obstacle in the way of Detroit’s efforts to cut debt through bankruptcy by saying it may oppose the city’s plan to pay $85 million to end interest-rate swaps.

Syncora, which insures some Detroit bonds, derailed a previous attempt by the city to get out of the swaps contracts with UBS AG and Bank of America Corp.’s Merrill Lynch unit. A lawyer for the New York-based company told U.S. Bankruptcy Judge Steven Rhodes in Detroit yesterday that his client has reservations about the latest plan as well.

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