Detroit Secures $275M From Barclays For Bankruptcy Exit

(Detroit, MI) -- The city of Detroit will receive 275-million dollars from Barclays Capital in bankruptcy exit financing. Emergency manager Kevyn Orr's office says the money will pay off a 120-million-dollar loan the city took out after its bankruptcy filing and go to reinvestment plans. The city will receive the financing through financial recovery bonds to be issued by the Michigan Finance Authority at interest rates of four-point-25 percent for taxable bonds and four-point-75-percent for non-taxable bonds. Detroit's bankruptcy trial is set for Tuesday.