Detroit says gets $350 mln financing commitment from Barclays
Oct 11 (Reuters) - Barclays will provide cash-strapped Detroit with up to $350 million in debtor in possession financing in the wake of its municipal bankruptcy filing in July, Detroit's top official said on Friday.
Kevyn Orr, the city's state-appointed emergency manager, said the proceeds will be used to make infrastructure investments and will allow Detroit to terminate interest-rate swap agreements at a discount estimated to be more than $60 million.
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters press on |
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'
- Singapore hit by rare outbreak of rioting, 27 arrested |
- Venezuela's Maduro to raise pressure on business after local vote