Detroit aims to terminate swaps deal with borrowed $350M

08/29/2013 | Reuters

Detroit is expected to issue a request for proposals to borrow $350 million, which would be used to end a complicated swaps deal, the city's emergency manager said. "Our goal is to fund the swap settlement and provide the city with adequate liquidity throughout the restructuring case to start reinvesting in Detroit today," said Bill Nowling, press secretary for Emergency Manager Kevyn Orr.

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