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City of Detroit Adjournment Sought, Granted

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Syncora Capital Assurance and Syncora Guarantee (collectively, Syncora) and the City of Detroit filed with the U.S. Bankruptcy Court a joint motion to adjourn the hearing on the City’s Plan of Adjustment. The motion explains, “Syncora and the City have reached an agreement in principle and need 48 hours to address certain conditions and logistics. We also note for the Court that if this agreement is finalized within this time period as we expect, it will profoundly alter the course of the proceeding and the litigation plans of the remaining parties. WHEREFORE, for the foregoing reasons, Syncora and the City respectfully request that this Court enter an order adjourning the hearing on the City’s Plan of Adjustment until 8:30 a.m. September 12, 2014.” The Court subsequently approved this motion and continued the confirmation hearing until September 15, 2014.

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