Detroit Judge Demands Details Of $120M Barclays Loan

Law360, New York (March 25, 2014, 4:26 PM EDT) -- The bankruptcy judge overseeing Detroit’s Chapter 9 case on Monday ordered the city to provide more details about its proposed $120 million financing package from Barclays Capital Inc. after he received several objections to the loan.

U.S. Bankruptcy Judge Steven W. Rhodes told Detroit’s lawyers in a two-page order to disclose by Friday the material terms of the loan including the interest rate, term, fees, costs and whether it is subject to market flex provisions; a comparison of the loan’s terms with the terms of the...
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