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Detroit gets $350M financing commitment from Barclays

The fated glory of Detroit: an abandoned building on the outskirts of Motor City
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The fated glory of Detroit: an abandoned building on the outskirts of Motor City

Barclays will provide 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.

—By Reuters