Detroit bankruptcy trial on hold, city ordered to renegotiate - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Detroit bankruptcy trial on hold, city ordered to renegotiate with banks

Posted: Updated:
(WJBK) -

Judge Steven Rhodes pulled the plug Wednesday on the week's bankruptcy trial. The move comes on the second day of the proceedings and after Detroit emergency manager Kevyn Orr took the stand.

At issue is a deal Orr says would give the city a much needed $350 million in financing from London-based Barclays. But, instead of hearing more arguments from the city and those opposed to the deal, Judge Rhodes halted the trial.

Judge Rhodes is ordering the city to renegotiate deals with Bank of America, Merrill Lynch and UBS.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
Powered by WorldNow

KTBC FOX 7
119 East 10th Street
Austin, TX 78701

Phone: (512) 476-7777
Fax: (512) 495-7001

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices