Tuesday, March 11, 2014
(Detroit, MI) -- There's reportedly a deal between the City of Detroit and Barclays to borrow roughly 120-million dollars to speed up the city's bankruptcy restructuring and invest in city services. Officials announced yesterday that the city has renegotiated the terms of the original deal after the previous agreement with the London-based bank collapsed. Under the new agreement, Detroit will no longer be pledging casino taxes as collateral and will avoid having to borrow an extra 230-million to pay off a controversial pension debt interest rate. Bankruptcy Judge Steven Rhodes still needs to approve the renegotiated deal.