Detroit Nears Financing Exit, Creditor Accord, Court Told

Detroit has received inquiries from “quite a few” groups interested in financing its exit from bankruptcy and may settle one more creditor dispute before an Aug. 21 trial over its debt-cutting plan, a lawyer for the city said.

During a meeting with a judge today on the city’s $18 billion bankruptcy case, Detroit’s attorney Heather Lennox didn’t say which creditor group it’s negotiating with or what issues may be settled. The city is close to sending out a second round of bid requests for its plan to borrow about $300 million to finance its exit from bankruptcy, she said.