CHICAGO — A hearing on Detroit's interest-rate swaps and a proposed borrowing was pushed back to Tuesday after a winter storm hit the state.
After an all-day hearing Friday, the federal bankruptcy court was scheduled to hear closing arguments from creditors Monday morning.
Creditors are arguing against court approval of the city's proposed settlement with its interest-rate swap counterparties and effort to close a $285 million borrowing. But Monday's hearing was canceled after a massive winter storm hit Detroit and the rest of the Midwest.
The hearing was rescheduled for Tuesday Jan. 7 at 9 a.m., according to a court notice.
Detroit has proposed paying $165 million to UBS AG and Merrill Lynch Capital Services Inc. to terminate the interest-rate swaps, which hedge roughly $800 million of pension certificates.
