On Air Now

Upcoming Shows

Program Schedule »

Tune in to Listen

1590 AM Coldwater, Michigan 95.5 FM Coldwater, Michigan

Weather

Current Conditions(Coldwater,MI 49036)

More Weather »
58° Feels Like: 58°
Wind: ESE 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 47°

Tomorrow

Sunny 75°

Thurs Night

Mostly Clear 50°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

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.

Comments