Pursuits
Syncora Gets $45 Million in Debt in Detroit Bankruptcy
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Detroit creditor Syncora Guarantee Inc. will recover about 14 percent on what it’s owed in a deal that includes $44.8 million in new debt, leaving bankruptcy holdout Financial Guaranty Insurance Co. the last major creditor opposing the city’s debt-cutting plan.
Syncora has claimed it’s owed more than $333 million. Under its agreement with Detroit, the bond insurer will get two sets of notes, a lease to operate a tunnel to Canada, land near the tunnel and the option for a long-term lease to operate a parking structure.