Daily News: August 29, 2014

Barclays Provides $275MM to Support Detroit Bankruptcy Exit

Bloomberg reported that Detroit won a commitment from Barclays for $275 million in financing to fund the city’s exit from bankruptcy.

Bloomberg said Detroit is seeking court approval to eliminate more than $7 billion of its $18 billion in obligations to retired city workers, bondholders and other creditors.

Bloomberg notes the proceeds from the financing will be used to pay off $120 million Detroit borrowed to help fund its reorganization and pay some creditors.

To read the entire Bloomberg article, click here.