Latest Business News: Muni Board Watching General Obligation Debt in Detroit Case

Wochit 1:25 mins

The municipal bond market's self-regulator said the Detroit emergency manager's proposed treatment of general obligation bonds in the city's bankruptcy case risks changing how investors view what has long been considered the safest class of municipal debt. Kevyn Orr, Detroit's state-appointed manager, has said that general obligation bondholders will remain unsecured creditors in the $18.5 billion bankruptcy filing. Activision Blizzard Inc's CEO Bobby Kotick, who is shelling out $50 million of his own money in an $8.2 billion deal to buy back most of Vivendi's stake, said the world's largest video game publisher will be freer to pursue acquisitions and grow after emerging from its French parent's wing. Billionaire investor Steven A. Cohen's hedge fund pleaded not guilty on Friday to insider trading charges in federal court, as investors in the roughly $15 billion fund awaited word on plans for the fund's future. Several SAC Capital Advisors LLP clients said they had yet to be contacted officially by the firm in an investor-wide call or note.

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