Detroit will propose new swaps deal to court in days: attorney

Reuters News
Posted: Feb 19, 2014 10:26 AM

DETROIT (Reuters) - Detroit plans to propose a new settlement in U.S. Bankruptcy Court to end costly interest-rate swaps in the next three to four days, an attorney representing the city said on Wednesday.

Robert Hertzberg told Judge Steven Rhodes that the city will file a motion concerning the deal, which will mark the third to be presented to the court.

Rhodes rejected two previous proposed settlements with swap counterparties UBS AG and Merrill Lynch Capital Services, calling them too expensive for the city.

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(Reporting by Deepa Seetharaman and Rachel Jackson; Editing by James Dalgleish)