Detroit's emergency manager reaches 'important settlement' with some creditors; no details yet

7/15/2013

DETROIT — The city of Detroit says it reached an "important settlement" with some creditors as it tries to get rid of billions of dollars of debt.

The disclosure was made today in a court filing in a lawsuit involving the city, an insurance company and a bank. The filing doesn't reveal any details, but it says Detroit no longer needs a restraining order in a dispute over taxes and casino revenue.

A spokesman for emergency manager Kevyn Orr says a public statement is in the works.

Orr is trying to fix Detroit's finances without going into bankruptcy. He wants debt holders to accept a fraction of the money owed by the city.