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.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.