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.
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