The bankruptcy judge overseeing Detroit's bankruptcy case yesterday suspended a hearing on a $350 million post-petition financing to end interest-rate swaps, urging the city to renegotiate the deal, Reuters reported yesterday. The hearing was scheduled to continue through today, but U.S. Bankruptcy Court Judge Steven Rhodes asked Detroit instead to use the time scheduled for court to hash out details of an agreement. Rhodes ordered the parties back to court on Friday to discuss the status of today's negotiations, and that the hearing would be continued at a later date.
