One of housing’s biggest investors BlackRock (BLK) is reaching out in a new investment venture while entering into the Detroit debt fight, according to an article in the Financial Times.

BlackRock, the biggest fund manager by assets, is preparing to step in to the fight over the financial future of Detroit, where the treatment of bondholders could set a precedent for struggling towns and cities across the U.S.

The company lodged a court filing that could allow it to put its legal muscle behind an effort to ensure bondholders get paid ahead of retirees and other creditors.