Insurer Challenges Detroit's Plan To Halt Debt Payments

Law360, New York (July 9, 2013, 1:49 PM EDT) -- Ambac Assurance Corp. on Monday declared its opposition to Detroit Emergency Manager Kevyn Orr’s plans to stop making payments on some of the city’s $17 billion debt, including general obligation bonds insured by Ambac.

The insurer, which says it backs $170.3 million in the city’s bonds, said it has hired Harrison J. Goldin of Goldin Associates LLC to “help advise Ambac on Detroit” but did not specify whether it planned to take legal action. Ambac did say that it believes the state of Michigan is making...
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