Detroit Emergency Manager Wants To Allow Bankruptcy Restructurin - Northern Michigan's News Leader

Detroit Emergency Manager Wants To Allow Bankruptcy Restructuring To Proceed

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DETROIT (AP) -- An update on the Detroit bankruptcy situation.

The city's state-appointed emergency manager says an agreement to pay off banks and settle millions of dollars in debt tied to an interest rate swap would end a "sordid tale."

Kevin Orr testified in federal court Friday that the proposal to end the deal for $165 million is best for Detroit.

He says it removes significant financial risks, and allows the bankruptcy re-structuring to continue.