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.
NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR’s programming is the audio.