DETROIT (WWJ/AP) – Detroit has announced settlements with its largest union and a group of unsecured bondholders.

Mediators said Friday the bankrupt city completed a series of tentative agreements with the American Federation of State, County and Municipal Employees Council 25.

In a statement, AFSCME Council 25 President Al Garrett says the deals represent “the best path forward for city employees and retirees.” Terms of the union agreements weren’t released.

According to The Detroit News, the deadline for a ratification vote is June 30.

Terms of the bondholder deal were also not released. Mediators say details “are in the final documentation process” and that the creditors are companies that either hold or insure a large majority of limited-tax general obligation bonds.

[Continuing Coverage: Detroit Bankruptcy]

TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

 

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Cooking Classes In DetroitLearn how to whip up some wonderful dishes while having fun!
5 Bucket List Items To Cross Off In DetroitThe “must-do” items for anyone making a trip to Detroit.

Watch & Listen LIVE