Detroit Announces Settlement With Largest Union

CBS Detroit

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]

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