Syncora: Detroit Not Allowed To Access Casino Money As DIP Financing Collateral

Syncora: Detroit Not Allowed To Access Casino Money As DIP Financing Collateral

DETROIT - Syncora Guarantee Inc., the financial guarantee insurance provider, which has previously objected to the bankrupt City of Detroit's attempt to terminate an agreement between the parties to access casino revenue, on Sept. 18 moved to preclude the city from offering evidence regarding its need to obtain that revenue to secure post-petition financing, also called debtor-in-possession (DIP) financing (In Re: City of Detroit, No. 13-53846, Chapter 9, E.D. Mich. Bkcy.).

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