Barclays To Finance Detroit's Exit From Bankruptcy

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Barclays Capital has agreed to provide $275 million to finance Detroit's operations as the city emerges from bankruptcy. A judge must approve the plan before Detroit can receive the exit financing.

DAVID GREENE, HOST:

NPR's Business News begins in the city of Detroit. Barclays Capital has agreed to provide $275 million to finance Detroit's operations as that city emerges from bankruptcy. Part of that funding will be used to retire a $120 million loan from Barclays. It will also go towards paying some creditors. The rest will be invested in public improvements aimed at reversing the cities decline. A judge still has to approve the plan before Detroit can receive the financing.

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