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Detroit bond settlement terms announced

The word "Bankruptcy" is painted on the side of a building in Detroit, Michigan October 25, 2013. REUTERS/Joshua Lott
The word "Bankruptcy" is painted on the side of a building in Detroit, Michigan October 25, 2013. REUTERS/Joshua Lott

DETROIT (WKZO) -- Bond debt insurers will receive over 287-million of the 388-million dollars they were owed by the City of Detroit under an agreement hammered out this week in bankruptcy proceedings. Initially, the insurers were offered just 15-percent of what they were owed. Three companies sued the city in November and accused it of illegally using money they were owed for daily operating expenses.

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