![Detroit Bankrupcy Proceedings Reach Deal On Some Bonds](http://townsquare.media/site/196/files/2014/04/detroit-bankrupcy.jpg?w=980&q=75)
Detroit Bankrupcy Proceedings Reach Deal On Some Bonds
DETROIT (AP) — The city of Detroit has reached a deal on over $388 million in bonds — one component of the largest municipal bankruptcy filing in U.S. history.
Mediators say Detroit will pay 74 cents for each dollar in the claim. The balance of the claim will be erased, and the money will go to help low-income retirees.
The deal was announced Wednesday. It still needs the blessing of Judge Steven Rhodes and is only a small part of the overall bankruptcy case.
In a statement, mediators say they hope the settlement will encourage other creditors to reach more deals. Detroit hopes to exit bankruptcy by fall, but the city's plan first must face a series of court hearings in summer.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
More From NewsTalk 940 AM
![Furr’s Might Just Be Done Here In The Panhandle](http://townsquare.media/site/195/files/2021/05/Furrs-Sign.jpg?w=980&q=75)
![After 133 Years, Belk Stores File For Bankruptcy](http://townsquare.media/site/33/files/2021/01/GettyImages-95340934.jpg?w=980&q=75)
![Stein Mart Files Chapter 11 Bankruptcy Plans To Close Stores](http://townsquare.media/site/194/files/2020/08/credit-google-maps.jpg?w=980&q=75)
![Is The Amarillo Pier 1 Imports Store Closing?](http://townsquare.media/site/195/files/2020/01/GettyImages-1198093601.jpg?w=980&q=75)
![Amarillo Payless Shoe Store Announces to Closure](http://townsquare.media/site/158/files/2017/04/Payless-inside-GettyImages-93263242.jpg?w=980&q=75)
![No Sweethearts Candy This Year Due To Company Bankruptcy](http://townsquare.media/site/194/files/2019/01/GettyImages-465089799.jpg?w=980&q=75)
![Several Local Dairy Queens to Close Due to Franchisee Filing Bankruptcy](http://townsquare.media/site/158/files/2017/11/DQ-Blizzard-GettyImages-494321543.jpg?w=980&q=75)
![Amarillo Hastings Will Close Forever On October 31st](http://townsquare.media/site/192/files/2016/06/Hastings-in-Lubbock.jpg?w=980&q=75)
![Several Restaurants in Amarillo Have Filed for Bankruptcy](http://townsquare.media/site/158/files/2016/08/bankruptcy.jpg?w=980&q=75)