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Detroit, Banks agree to third debt deal

Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D
Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D

DETROIT (WKZO) -- Attorneys representing the City of Detroit and two banks have reportedly reached a third agreement to settle a debt over a controversial finance deal.  Bank of America and UBS are seeking to recoup money owed on the interest rate "swap" plan put together by the administration of former mayor Kwame Kilpatrick in 2005.

Two previous settlements have been thrown out by Judge Steven Rhodes, who urged the city to sue the banks over the deal.  The latest agreement will reportedly be filed with the bankruptcy court in the next three or four days.

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