A federal judge on Thursday ordered ongoing mediation in Detroit's historic bankruptcy over a potential settlement between the city and one of its fiercest creditors, while adding holdout creditor Financial Guaranty Insurance Co to the list of parties whose attendance is required. District Judge Gerald Rosen, the chief mediator in the bankruptcy case, ordered that mediation, which began on Thursday, will also take place on Friday and will continue "day-to-day thereafter as deemed necessary, until released by the mediators." The city and Syncora Guarantee Inc, the bond insurer that had been the fiercest holdout creditor in the case, notified the U.S. Sealing that deal would leave FGIC, another bond insurer, as the only major holdout creditor left in the biggest-ever municipal bankruptcy Detroit filed in July 2013. FGIC, which has a $1.1 billion exposure in the case from guaranteeing payments on the city's pension debt, issued a statement on Wednesday that said it remains open to "good faith settlement discussions." Both Syncora and FGIC faced recoveries of 10 cents on the dollar or less in the bankruptcy as other creditors including the city's pension funds reached deals.
By Sebastien Malo NEW YORK (Reuters) - Led by President Barack Obama, Americans commemorated the 13th anniversary of the Sept. 11, 2001, attacks on Thursday by observing moments of silence for the thousands killed that day at New York City's World Trade Center, the Pentagon and a Pennsylvania field. In what has become an annual ritual, relatives began slowly reciting the nearly 3,000 names of the victims at a ceremony in lower Manhattan, from Gordon Aamoth Jr. to Igor Zukelman. ...
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By Scott Malone BOSTON (Reuters) - A pharmacist who worked for the Massachusetts company that sparked a 2012 U.S. Glenn Adam Chin, 46, said in U.S. District Court in Boston that he was "not guilty" of charges he knowingly shipped a tainted steroid that sickened 700 people in 20 states. He has been confined to his Canton, Massachusetts, home since officials pulled him off a plane last week at the start of what was to be a family trip to Hong Kong for a wedding.