Detroit, Banks Reach New Deal To Exit Swap Contracts

Law360, New York (February 20, 2014, 3:40 PM EST) -- The City of Detroit has reached a new settlement to terminate swap agreements it made with UBS AG and Bank of America Corp.'s Merrill Lynch Capital Services LLC, its third attempt to ink a deal that would give the bankrupt city access to much-needed casino revenues securing the transactions.

The agreement, which has been reached in principle, will be filed with the Michigan bankruptcy court in charge of the city’s restructuring in the coming days, Bill Nowling, a spokesman for Detroit's emergency manager Kevyn Orr, told...
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