Detroit says gets $350 mln financing commitment from Barclays

Reuters

Oct 11 (Reuters) - Barclays will provide cash-strappedDetroit with up to $350 million in debtor in possessionfinancing in the wake of its municipal bankruptcy filing inJuly, Detroit's top official said on Friday.

Kevyn Orr, the city's state-appointed emergency manager,said the proceeds will be used to make infrastructureinvestments and will allow Detroit to terminate interest-rateswap agreements at a discount estimated to be more than $60million.

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