Banking & Finance, Government, and Law

Detroit exits bankruptcy after $1.28B bond sale

December 11, 2014
| By AP |
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DETROIT — Lawyers for Detroit said the city sold $1.28 billion in bonds on the eve of its exit from federal bankruptcy protection.

The law firm Miller Canfield said the new financing arrangements that closed Wednesday mark Detroit's "emergence from bankruptcy and the conclusion of the largest, most complex municipal bankruptcy in U.S. history."

The firm said that the city closed four bond sales in all: $632 million to settle debts to various creditors and pension systems; $288 million to settle with general-obligation debt holders; $275 million to refinance debt and make municipal improvements; and $88 million to pay for pension obligations.

State-appointed emergency manager Kevyn Orr stepped down Wednesday. 

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