Syncora Guarantee: Detroit Not Entitled To Tap Casino Revenue To Fund Operations

Syncora Guarantee: Detroit Not Entitled To Tap Casino Revenue To Fund Operations

DETROIT - Syncora Guarantee Inc., the financial guarantee insurance provider, on Aug. 20 filed a brief in the Chapter 9 bankruptcy of the City of Detroit arguing that the city needs to comply with the collateral agreement and is not permitted to terminate an agreement to access casino revenue to fund its operations during the bankruptcy proceeding (In Re: City of Detroit, No. 13-01236, Chapter 9, E.D. Mich. Bkcy.).

Access this news story on lexis.com®