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06.11.2013 21:44:00
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Detroit (City of) MI -- Moody's: Detroit's DIP proposal differs substantially from its corporate predecessors
New York, November 06, 2013 -- The new Debtor-in-Possession (DIP) financing proposal that the City of Detroit's Emergency Manager put forth on October 11, 2013 is unprecedented among municipalities, says Moody's Investors Service. Because of this and some key differences from more common corporate-based DIPs, the ultimate impact of the proposal on the city's finances and existing bondholders is uncertain, says Moody's in the report "Detroit: DIPing its Toe into a Corporate Bankruptcy Tool."
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