Detroit-Syncora Deal Restores Faith In Chapter 9

By Andrew Scurria (September 10, 2014, 9:55 PM EDT) -- Detroit's settlement with the foremost opponent of its debt-cutting plan, Syncora Holdings Ltd., removes one of the final obstacles to a successful restructuring and reaffirms that Chapter 9 remains an effective mechanism for distressed cities to win peace with creditors, attorneys say.

Syncora still needs consent from certain other litigants before the breakthrough deal that emerged late Tuesday takes hold, but assuming that happens, the bond insurer will back away from its challenges to the city's proposed bankruptcy exit plan. Just last week, it was pushing for a 75 percent recovery on its $400 million bankruptcy claim and looked like it...

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