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Ruling on Detroit bankruptcy swap deal expected Thursday

DETROIT (WKZO) -- A judge is expected to rule Thursday on whether Detroit can pay two banks roughly 165-million dollars to terminate a troubled pension deal.

U.S. Bankruptcy Judge Steven Rhodes says he will announce his decision at 2 p.m. on Thursday.  The ruling will come following a trial that began last month and featured objections from bond issuers, pension funds, banks and several others.

At stake is a proposal to pay UBS AG and Bank of America 165-million dollars to end an interest rate swaps agreement tied to 1.4-billion dollars in money borrowed in 2005-2006 to prop up Detroit’s pension funds.  If Rhodes approves the move, Detroit will pay off the banks with a 285-million dollar loan.

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