Detroit Can't Keep Fees For $350M Barclays Loan Secret

Law360, New York (November 14, 2013, 7:39 PM EST) -- The Michigan bankruptcy judge overseeing Detroit’s Chapter 9 proceedings on Thursday shot down the city’s request to keep the fees attached to its $350 million financing package from Barclays Capital Inc. under wraps following outcry from unions and retirees.

U.S. Bankruptcy Judge Steven W. Rhodes denied the city’s motion at a hearing, according to the bankruptcy case docket, rejecting the city’s lawyers' claims that disclosing the fees associated with the financing would expose the bank’s confidential information and set a “negative precedent” that would discourage others...
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