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Ruling on Detroit pension deal expected next week

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- U.S. Bankruptcy Judge Steven Rhodes is expected to rule next Friday on Detroit's proposed pension debt settlement. Thursday, Judge Rhodes said he will make a decision on April 11th on whether he'll allow Detroit to pay two banks roughly 85-million dollars for the debt.

The judge set the date following a daylong hearing over a complex interest rate swap tied to the approximately 1.4-billion dollars the city borrowed in 2005-2006 to aid its ailing pension funds. It is the third settlement agreement to go before Rhodes, but he had rejected the previous two.

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