Detroit reaches 'important settlement' with some creditors
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 Monday 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 message seeking comment from the spokesman for emergency manager Kevyn Orr wasn't immediately returned. 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.
—By The Associated Press.