October 11, 2013 / 8:04 PM / in 4 years

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.

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