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| − | DETROIT (AP) -- Detroit has reached a tentative deal to pay a key creditor 26 cents on the dollar, a move that that could clear the biggest hurdle in the city's plan to reduce its debts and emerge from bankruptcy protection, it was announced Tuesday night.A joint court filing Tuesday evening said that Detroit and the bond insurer Syncora Guarantee "have reached an agreement in principle" to settle the company's $400 million claim in the nation's largest-ever municipal bankruptcy case.Syncora spokesman Steven Schlein told The Associated Press the company would get 26 percent of what it's owed.The two sides said they need two days to complete the deal and ask Judge Steven Rhodes for a postponement of the bankruptcy case trial until Friday. "If this agreement is finalized within this time period as we expect, it will profoundly alter the course of the proceeding and the litigation plan of the remaining parties," the filing said. Syncora attorney James Sprayregen told the AP <a href=http://www. alportico.net/gosoc. php> true religion outlet</a> that the postponement request was "so that we can work through certain contingencies contained in the deal, including obtaining full resolution with Bank of America, UBS and other stakeholders. ""We are hopeful the deal will be finalized in the next 48 hours, " Sprayregen said. In response to a question from the judge last week, another Syncora lawyer had told the judge that <a href=http://www. alportico. net/gosoc.php> true religion sale</a> he thought Detroit could afford to pay 75 cents on the dollar. Syncora Guarantee and fellow bond insurer Financial Guaranty Insurance Co. have been leading a small group of creditors fighting the plan by state-appointed emergency manager Kevyn Orr.The Associated Press left a message Tuesday night seeking comment from Orr spokesman Bill Nowling.Most creditors, including about 30,000 retirees and city employees, have endorsed Detroit's plan to cut $12 billion in unsecured debt to about $5 billion.Syncora has strongly opposed the terms, saying that Detroit's blueprint unfairly discriminated against financial creditors. Syncora and some other creditors have pushed for the city to look into the sale of assets, including city- owned pieces in the Detroit Institute of Arts.The threat to artwork prompted the creation of the so-called Grand Bargain -- commitments from the state, major corporations, foundations and others to donate more than $800 million over 20 years meant to soften cuts to city pensions while placing pieces in the DIA into a trust and out of the reach of debtor demands.Pensioners this summer voted in favor of Orr's plan, which calls for general retirees to take a 4. 5 percent pension cut and lose annual inflation adjustments. Retired police officers and firefighters would lose a portion of their annual cost- of- living raise.For decades, Detroit paid its bills by borrowing money while struggling to provide the most basic of services for residents. The city, once fueled by the massive auto industry it gave birth to, shrank from 1 .8 million <a href=http://www. alportico. net/ prodotti/ christianlouboutin- sale.jkmsw. php> Christian Louboutin Pumps</a> people six decades ago to fewer than 700,000 now.The trial that began Sept. 2 is to help Rhodes determine whether to approve, modify or reject the city's financial reorganization plan.___Follow David N. Goodman at Copyright The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | + | In the options market, Apple options volume rose to a record daily volume of 2. 97 million contracts traded, according to Henry Schwartz, president of options analytics firm Trade Alert. Contract volume <a href=http://www. wineenhuis. com> Cheap Michael Kors Bags</a> was about three times normal and calls led puts by a ratio of 2.1:1, according to Trade Alert data. The largest percentage gainer on the New York Stock Exchange was Pulse Electronics , which was rising 53.47 percent, while the largest percentage decliner was Usec , down 18. 05 percent. Among the most active stocks on the NYSE were Brazil's Petrobras , down 2. 83 percent to $17.83 and Pfizer , down 0.58 percent at $29.23. Besides Apple, Yahoo , down 2.5 percent at $40.78, and Microsoft <a href=http://www. parajumpersjackenoutlet. de> parajumpers online shop</a> , up 0.6 percent to $46.76 were among the most actively traded on Nasdaq. Declining issues were outnumbering advancing ones on the NYSE by 2, 338 to 698, for a 3. 35-to- 1 ratio on the downside; on the Nasdaq, 2, 046 issues were falling and 637 advancing for a 3. 21- to-1 ratio favoring <a href=http://www. fwpcoa. org/ icon/ Cheap- True-Religion-Jeans-Plus-Size-Jeans-Outlet-Sale-Tees. html> True Religion Tees</a> decliners. The broad S P 500 index was posting 17 new 52-week highs and five new lows; the Nasdaq Composite was recording 56 new highs and 58 new lows. |
| | + | (Additional reporting by Saqib Iqbal Ahmed; Editing by Nick Zieminski, Chris Reese and Meredith Mazzilli) Copyright 2014, |
Revision as of 12:03, 15 September 2014
In the options market, Apple options volume rose to a record daily volume of 2.97 million contracts traded, according to Henry Schwartz, president of options analytics firm Trade Alert. Contract volume <a href=http://www.wineenhuis.com>Cheap Michael Kors Bags</a> was about three times normal and calls led puts by a ratio of 2.1:1, according to Trade Alert data. The largest percentage gainer on the New York Stock Exchange was Pulse Electronics , which was rising 53.47 percent, while the largest percentage decliner was Usec , down 18.05 percent. Among the most active stocks on the NYSE were Brazil's Petrobras , down 2.83 percent to $17.83 and Pfizer , down 0.58 percent at $29.23. Besides Apple, Yahoo , down 2.5 percent at $40.78, and Microsoft <a href=http://www.parajumpersjackenoutlet.de>parajumpers online shop</a> , up 0.6 percent to $46.76 were among the most actively traded on Nasdaq. Declining issues were outnumbering advancing ones on the NYSE by 2,338 to 698, for a 3.35-to-1 ratio on the downside; on the Nasdaq, 2,046 issues were falling and 637 advancing for a 3.21-to-1 ratio favoring <a href=http://www.fwpcoa.org/icon/Cheap-True-Religion-Jeans-Plus-Size-Jeans-Outlet-Sale-Tees.html>True Religion Tees</a> decliners. The broad S P 500 index was posting 17 new 52-week highs and five new lows; the Nasdaq Composite was recording 56 new highs and 58 new lows.
(Additional reporting by Saqib Iqbal Ahmed; Editing by Nick Zieminski, Chris Reese and Meredith Mazzilli) Copyright 2014,
