(WXYZ) - Detroit Emergency Manager Kevyn Orr announced Friday that the city would receive $350 million in financing to help with ongoing restructuring.
A large chunk of the financing commitment from Barclays, about $230 million, will be used to help tackle some of the debt involving the city's pension plans.
The remaining $120 million will be used to improve basic city services and the technology infrastructure of Detroit's government.
“Today is another important step in the continued revitalization of Detroit,” Orr said in a press release. “We said at the outset of this process that we are committed to improving the financial condition of Detroit and the lives of its 700,000 citizens, and our team worked tirelessly to bring this significant post-petition financing to bear. We are very encouraged by the level of interest we received from the financial community, its implicit support of the work we are doing and their desire to participate in the ongoing recovery of one of America’s great and vibrant cities.”
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