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Insurer challenges Detroit Emergency Manager's restructuring plan

Detroit's emergency financial manager Kevyn Orr talks to members of the media outside the Detroit Newspapers building about the report he de
Detroit's emergency financial manager Kevyn Orr talks to members of the media outside the Detroit Newspapers building about the report he de

DETROIT (WKZO) -- An insurance company is challenging Detroit Emergency Manager Kevyn Orr’s restructuring plan for the city.

In a written statement released Monday, Ambac Assurance says it does not agree with Orr’s plan to treat general obligation bondholders and unsecured creditors the same.  The insurer backs more than 170-million dollars in Detroit bonds.

Ambac’s comments come just days after Orr directed the city to sue a debt insurer trying to block Detroit from accessing casino revenues.

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