Detroit-approved $120 million quality-of-life financing draws appeal

By Kali Hays

New York, April 16 - The City of Detroit's court-approved $120 million quality-of-life financing has drawn an appeal from Syncora Guarantee Inc. and Syncora Assurance Inc., according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Michigan.

As previously reported, the city obtained a final order approving the financing April 2 after having been conditionally approved in January.

Syncora had also filed an appeal of the conditional approval.

However, the city was denied its proposed $350 million in post-bankruptcy financing through Barclays to pay banks that underwrote a pension funding plan.

The $120 million of financing is being used by the city to fund immediate improvements to basic city services.

Detroit filed bankruptcy on July 18, 2013 under Chapter 9 case number 13-53846.

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