Buffett says right plan would restore market for Detroit debt

Investor Warren Buffett mentioned Tuesday he expects the market for Detroit's debt to pick up once more and bond insurers to begin backing the debt as soon as town submits the proper recovery plan to bankruptcy court. Buffett's Berkshire Hathaway Assurance Corp. re-insures greater than $380 million of Detroit's secured sewer debt that used to be originally insured with the aid of Monetary Warranty Insurance Co. The city, which is waiting for a decision from a federal choose on whether or not it’s eligible for bankruptcy, has $18.5 billion in debt and liabilities. Conversing at a Goldman Sachs experience to advertise entrepreneurship in Detroit, the Berkshire Hathaway