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$120 Million Detroit Financing Plan Going To Vote

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DETROIT (WWJ/AP) - A state board involved in Detroit’s financial reorganization has scheduled a meeting Tuesday to consider city leaders’ proposal for a $120 million loan.

The announcement of the meeting didn’t detail the proposal, but Detroit has reportedly been in talks with Barclays LLC to borrow $120 million to speed the restructuring.

State-appointed emergency financial manager Kevyn Orr is leading the city of 700,000 through a federal bankruptcy reorganization as a way to pare down its $18 billion debt.

Orr and Gov. Rick Snyder in New York spoke Monday at a Manhattan Institute for Policy Research conference on Detroit’s reorganization.

Orr says improving services is a major part of the restructuring.

Snyder says the bankruptcy filing was needed “to give services to the citizens that they deserve.”

TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

 

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