A major financier of Washington D.C.'s Metro system has agreed to give the transit system an extra 10 days to collect more than $40 million from the troubled system, complying with a judge's ruling that forcing Metro to pay could cause great harm.
"Without the extra time, Metro could have found itself in default by today, allowing KBC Group of Belgium to immediately collect $17 million from the agency Monday, according to an attorney for KBC in court yesterday."
"U.S. District Judge Rosemary M. Collyer said she agreed with Metro's contention that if KBC prevailed, other banks might be prompted to demand millions in payments in similarly troubled financing deals at Metro and other transit agencies across the country, posing 'very real' harm to riders. Although there is public interest in enforcing contracts, Collyer said, there is also public interest 'in not putting at terrible risk the transit system.'"
"KBC's demand was triggered by the collapse of American International Group, the insurance giant that U.S. taxpayers recently rescued from bankruptcy. AIG had guaranteed Metro's financial deals with the bank, but AIG's financial problems, specifically the downgrading of its credit rating, invalidated the company's guarantees, putting the deals in technical default and allowing the bank to ask for all its money at once."
"Metro has 14 other financing deals with banks that could go into default. Officials said it would cost $50 million to $100 million to purchase the additional insurance to replace AIG as guarantor."
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