No Deal: Detroit Bankruptcy Judge Rejects Deal With Banks

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Judge Steven Rhodes turned down a $169 million settlement, saying, “it’s just too much money.” He had rejected a $230 million deal on the same grounds in December.
According to reports, Gov. Rick Snyder met with lawmakers Thursday in Lansing to discuss giving state funds to supplement Detroit’s pension plans and prevent the sale of city-owned art. Gov. Snyder’s discussion comes days after foundations committed $330 million to the effort.
Rhodes didn’t offer his own number publicly but encouraged all sides to keep talking. However, finding a suitable agreement is a necessary step for the city in finalizing a plan to exit bankruptcy.

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