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Monday, 03/03/2014 8:43:14 PM

Monday, March 03, 2014 8:43:14 PM

Post# of 11618
Detroit Swap settlement- The City of Detroit late Monday entered into a proposed settlement with UBS and Bank of America Merrill Lynch to pay off a controversial debt deal called swaps, which helped plunge Detroit into bankruptcy.

The city and the global banks are offering to settle the $293-million debt by paying the banks $85 million.

The latest agreement is $80 million less than the most recent settlement, which was rejected by U.S. Bankruptcy Judge Steven Rhodes in January.
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