CHICAGO -- The mediators in Detroit's bankruptcy case Monday recommended that the bankruptcy judge approve a newly inked settlement over the city's interest-rate swaps, calling the deal a significant step toward resolution of the historic bankruptcy case.

U.S. Bankruptcy Judge Steven Rhodes will hold a hearing on the matter Friday. Detroit emergency manager Kevyn Orr is set to be deposed Tuesday on the agreement.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.