City of Detroit threatens to sue banks for better loan deal - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

City of Detroit threatens to sue banks for better loan deal

Posted: Updated:
(WJBK) -

The city of Detroit made major threats Friday to sue banks that could possibly take all of Detroit's casino money. In fact, the judge urged all parties to this $350 million loan, and who gets the money, to negotiate.

In fact, the judge says he wants all parties to work Christmas Eve, New Year's Eve and possibly even Saturday in order to get a deal that makes sense for everybody. He also ordered Kevyn Orr to cut his holiday vacation by giving a deposition here in Detroit instead of his hometown in Washington, and that would take place on New Year's Eve.

Obviously, the judge is very serious about moving this bankruptcy along in a quick manner.

So, why the urgency?

The bottom line - Detroit needs money, but Detroit can't prefer one creditor over another. And the deal that has been kicked around right now of 75 cents for one bank just doesn't cut it with this judge.

Finally, the judge wants to keep the momentum to try to settle this case alive. He believes that if all parties work together under the pressure, both of the holidays and of the court, that this case possibly - the entire bankruptcy - could go in a major step forward.

The judge also ruled that the law challenging the emergency manager law can move forward, but he also said Kevyn Orr is protected no matter what happens in the case.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • Child, 3, hospitalized after falling from second-story window

    Child, 3, hospitalized after falling from second-story window

    Monday, September 1 2014 11:31 PM EDT2014-09-02 03:31:18 GMT
    A 3-year-old child is receiving treatment at St. John hospital after falling from a second-story window in Detroit this weekend.
    A 3-year-old child is receiving treatment at St. John hospital after falling from a second-story window in Detroit this weekend.
  • Boy, 5, thrown from father's dirt bike and run over

    Boy, 5, thrown from father's dirt bike and run over

    Monday, September 1 2014 11:18 PM EDT2014-09-02 03:18:50 GMT
    Residents inside Northport Apartments in Macomb Township say that Sunday afternoon they saw a 27-year-old neighbor riding a dirt bike with his 5-year-old son along busy Garfield Road.Neighbors say they've seen him riding before -- but this time he had his child with him."The first thing that caught my eye was he was riding in his dad's lap," neighbor Tim Hale said. "And they were weaving throughout drainage ditches which are pretty steep." Macomb County sheriffs say the small, orange dirt bik...
    Residents inside Northport Apartments in Macomb Township say that Sunday afternoon they saw a 27-year-old neighbor riding a dirt bike with his 5-year-old son along busy Garfield Road.Neighbors say they've seen him riding before -- but this time he had his child with him."The first thing that caught my eye was he was riding in his dad's lap," neighbor Tim Hale said. "And they were weaving throughout drainage ditches which are pretty steep." Macomb County sheriffs say the small, orange dirt bik...
  • Flooding, power outages from latest round of storms

    Flooding, power outages from latest round of storms

    Monday, September 1 2014 10:14 PM EDT2014-09-02 02:14:26 GMT
    More flooding and power outages are being reported after the latest batch of storms.
    More flooding and power outages are being reported after the latest batch of storms.
Powered by WorldNow

25 FOX Drive
Dedham, MA 02026

Phone (781) 467-2525

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices