New Agreements with Investors That Avoids $400 Million Payment by Detroit
Michigan Chronicle › September 08, 2009
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Summary
"A huge weight has been lifted from our balance sheet, thanks to the diligent and skillful work of the Detroit Finance Department, led by Chief Financial Officer Joe Harris," [Ken Cockrel, Jr.] said. "The importance of this agreement to Detroit taxpayers and the City budget cannot be underestimated."
[...] drastic changes in credit markets since last fell led to a downgrade by Wall Street credit agencies of both Detroit's credit rating and the rating of insurance companies that insured the City's interest rate swap.See the full content of this document
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New Agreements with Investors That Avoids $400 Million Payment by Detroit
Detroit Mayor Ken Cockrel, Jr. announced today that an agreement in principle has been reached t...
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