City of Detroit Issues Statement on Pension 'Swaps' Settlement and Post-Petition Financing Decision

DETROIT, Jan. 16, 2014 /PRNewswire/ -- Kevyn Orr, the Emergency Manager for the City of Detroit ("Detroit" or the "City"), issued the following statement on behalf of the City regarding today's decision by U.S. Bankruptcy Judge Steven Rhodes on Detroit's post-petition financing:

"We are reviewing today's decision and we are thankful the court has approved our ability to pursue quality of life financing for the benefit of the City's 700,000 residents. As recommended, we will continue to work toward a resolution of the pension 'swaps.'

"In any event our goal remains to make the City a safe and attractive place in which to live, work, invest and do business. The lives of Detroit's residents and the future viability of Detroit demand that we do."

SOURCE City of Detroit