Financial Guaranty Insurance Co. News

Detroit Settles with Bond Insurer; Chance of Debt Plan Success Boosted

Detroit settled with one of its last major creditors, bond insurer Financial Guaranty Insurance Co., bringing the city closer to ending the biggest-ever U.S. municipal bankruptcy. The remaining holdout creditors, led by hedge fund managers including Aurelius Capital Management LP, …

Detroit Close to Deal with Second Bond Insurer

Lawyers for Detroit and a major creditor say they’re close to a settlement in the city’s bankruptcy case. The disclosure was made on Oct. 14 as Judge Steven Rhodes resumed a trial on Detroit’s plan to fix its finances. The …

Update: Syncora, Detroit Settle; Judge Pauses Bankruptcy Trial Again

U.S. Bankruptcy Judge Steven Rhodes ordered a week-long break in Detroit’s bankruptcy trial on Sept. 16, giving the last major objector to the city’s restructuring plan time to rework its case. The hearing will be adjourned from Friday and reconvene …

Bond Insurer Syncora Threatens to Cancel Coverage on Detroit Rate Swaps

Syncora Guarantee Inc., the bond insurer fighting Detroit’s debt-cutting plans, said it may cancel insurance it wrote for interest-rate swaps that the city is seeking to terminate with an $85 million settlement. Under a deal announced last month, Detroit would …