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City of Detroit asks judge to approve loan deal

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- The city of Detroit has officially asked U.S. Bankruptcy Judge Steven Rhodes to approve a deal with London-based Barclays to borrow up to 350-million dollars.

Last month, the city secured the loan, which would be used to pay off a 2005 interest-rate transaction and to improve city services.  In a court filing Tuesday, the city said it expects to save around 50-million dollars to pay off the transactions.

Rhodes has set a hearing on the matter for November 14th.

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