Reuters Insider MuniLand

Bondholders Rebuff Detroit Tender Offer

August 22, 2014

Reuters Insider MuniLand host Rhonda Schaffler interviewed Jim Spiotto on recent developments in the Detroit Chapter 9 bankruptcy case after holders of $5.2 billion in water and sewer revenue bonds did not accept the city's tender offer. Jim Spiotto commented, "If the tender offer isn't the answer, there is still going to be the issue based upon the vote of the holders and those involved in the water and sewer bonds that an impairment—reducing the interest rate, changing the call provisions—is a problem, and it needs to be addressed."

Click here to watch the MuniLand interview.