Detroit Secures $350 Million Loan To Help Pay Off Debt During Bankruptcy Proceedings

DETROIT — DETROIT (AP) -- Detroit's state-appointed emergency manager says a $350 million loan has been secured to help the city pay its way out of a complicated deal involving major creditors. Kevyn Orr said Friday that the money committed by Barclays will help with Detroit's reconstruction as he tries to take the city into the largest municipal bankruptcy in U.S. history. The loan still has to be approved by a bankruptcy court judge. About $230 million would be used to pay off some obligatio...