Detroit’s banking guru to creditors: We have no way to pay you

Creditors fight back

On Monday, Ambac Assurance, an insurance company that backs more than $170 million in Detroit bonds, said the city’s restructuring plan “is harmful to Detroit and the interests of taxpayers.”

Ambac’s opposition to Orr’s plan came just days after Syncora Guarantee sought to stop payment of up to $11 million a month in casino revenues the city desperately needs to maintain public services. Detroit has filed a lawsuit against Syncora to prevent it from trapping the casino revenue.

“None of them have criticized our plan,” Buckfire said. “What they argued is, they want to be special. They want the other guy (to) pay for it.”

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