07/15/2013 02:22 pm ET

Orr Reaches Settlement With Some Detroit Creditors | Detroit Free Press


Detroit emergency manager Kevyn Orr has reached a settlement with unnamed creditors, according to federal court filings in a lawsuit with a financial insurer his office sued to block from accessing $11 million a month in tax revenue from the city’s three casinos.

The filings do not name the creditors, but Orr’s office has been working for weeks on a settlement of $340 million in unsecured debts involving UBS AG and Merrill Lynch Capital Services.

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