Weather delays hearing in Detroit bankruptcy case - Fox 2 News Headlines

Weather delays hearing in Detroit bankruptcy case

Posted: Updated:

DETROIT (AP) -- Winter weather has delayed closing arguments in a bankruptcy court hearing on an agreement by Detroit to pay off banks and settle millions of dollars in debt tied to an interest rate swaps deal.

Bankruptcy court in Detroit was shut Monday amid severe weather.

Detroit's state appointed emergency manager Kevyn Orr testified Friday that the proposal to terminate the deal with UBS and Bank of America for $165 million is best for the city.

The city pledged casino tax revenue in 2009 as collateral to avoid defaulting on pension debt payments. The swaps allowed Detroit to get fixed interest rates on pension bonds with the banks.

Orr and the banks initially reached a $220 million payoff, but bankruptcy Judge Steven Rhodes ordered the city to negotiate a better deal.

  • Local NewsLocal NewsMore>>

  • Federal sting ends in gunfire in Highland Park

    Federal sting ends in gunfire in Highland Park

    Saturday, August 2 2014 12:03 AM EDT2014-08-02 04:03:37 GMT
    In what started as a traffic stop, resulted in a shootout between federal agents and a pair of men known to have illegal assault rifles in Highland Park.Police say a task force of ATF and FBI agents who had previously set up a meet with two men, known to have AK-47s and AR-15s in their Chevrolet Cavalier, began to move in. The traffic stop was made near Oakland and Victor about 7:30 p.m. Friday. The car rammed the federal agents vehicle and the driver opened fire with a handgun. The agents re...
    In what started as a traffic stop, resulted in a shootout between federal agents and a pair of men known to have illegal assault rifles in Highland Park.Police say a task force of ATF and FBI agents who had previously set up a meet with two men, known to have AK-47s and AR-15s in their Chevrolet Cavalier, began to move in. The traffic stop was made near Oakland and Victor about 7:30 p.m. Friday. The car rammed the federal agents vehicle and the driver opened fire with a handgun. The agents re...
  • Officer hit by drunk driver on Detroit's east side

    Officer hit by drunk driver on Detroit's east side

    Friday, August 1 2014 11:15 PM EDT2014-08-02 03:15:06 GMT
    An officer was hit by a driver believed to be drunk Friday at 8 mile and Alcoy on Detroit's east side.Police say officers were investigating at the scene of a traffic accident when the driver ran through the barricade and hit the woman.She was transported to an area hospital with non-life threatening injuries and the drunk driver was arrested. Police had been conducting an investigation of the original accident in which one of the drivers died. Eight mile is closed in east bound lane by Alcoy.
    An officer was hit by a driver believed to be drunk Friday at 8 mile and Alcoy on Detroit's east side.Police say officers were investigating at the scene of a traffic accident when the driver ran through the barricade and hit the woman.She was transported to an area hospital with non-life threatening injuries and the drunk driver was arrested. Police had been conducting an investigation of the original accident in which one of the drivers died. Eight mile is closed in east bound lane by Alcoy.
  • Man arrested after trying to wrestle gun from officer in Detroit

    Man arrested after trying to wrestle gun from officer in Detroit

    Friday, August 1 2014 9:32 PM EDT2014-08-02 01:32:44 GMT
    A man was arrested after he went for an officer's gun trying to wrestle it away from Detroit Police, causing the weapon to fire.SkyFOX was over the scene on Manning Street in Detroit, where the incident occurred Friday,The bullet didn't hit anyone and police took a 27-year-old man from Roseville into custody.Police say the home was a known drug den, and when officers drove by the property -- four people ran from the home.The officer and suspect were treated at a hospital for non life threaten...
    A man was arrested after he went for an officer's gun trying to wrestle it away from Detroit Police, causing the weapon to fire.SkyFOX was over the scene on Manning Street in Detroit, where the incident occurred Friday,The bullet didn't hit anyone and police took a 27-year-old man from Roseville into custody.Police say the home was a known drug den, and when officers drove by the property -- four people ran from the home.The officer and suspect were treated at a hospital for non life threaten...
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast

WJBK FOX 2 is proud to announce a full featured weather app for iPhone, iPad and Android!

The all new FOX 2 Weather app is now available to download for free in the Apple iTunes App Store and on the Android Market by searching for 'FOX 2 Weather.

Features include:

  • Highly responsive interactive map optimized for 3G and WiFi performance
  • Vertical and horizontal map display with looping
  • NOWrad, the gold standard for radar in the weather industry
  • Highest resolution satellite cloud imagery available
  • Exclusive patent pending Road Weather Index
  • Color coded weather alerts arranged by severity
  • Fully integrated GPS for current location awareness
  • Integrated compass overlay for 3GS models
  • Most accurate 10 day forecasts with both daily and hourly detail
  • Ability to easily save your favorite locations
  • Full featured and user tested
  • Earthquake plotting - tap on an earthquake to display its detail
  • iOS 5 compatibility
  • Powered by WorldNow

    WJBK-TV | Fox 2
    16550 West Nine Mile Rd.
    Southfield, MI 48075

    Main Station: (248) 557-2000
    Newsroom: (248) 552-5103

    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