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U.S. Bankruptcy Judge Steven Rhodes gave the nod Wednesday for a badly needed $120 million loan that Emergency Manager Kevyn Orr requested to bolster city services.
The loan, approved under the city's bankruptcy proceedings, will come from the London-based investment bank Barclays, Darren Nichols of The Detroit News reports. The lion's share of the loan will go toward public safety improvements, including new cop cars.
Rhodes rejected two two prior agreements to borrow $350 million and a second for $285 million, the News reported. Rhodes was not happy that Orr wanted to use a large chunk of those loans to pay off two banks to settle a troubled pension debt.
-- Allan Lengel
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The bDetroit News
