U.S. bankruptcy judge approves $120M US loan for Detroit

A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million US from Barclays PLC to improve services in the cash-strapped city, according to newspaper reports.
A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million US from Barclays PLC to improve services in the cash-strapped city, according to newspaper reports. (File Photo)

A U.S. bankruptcy judge on Wednesday approved Detroit's plan to borrow $120 million US from Barclays PLC to improve services in the cash-strapped city, according to newspaper reports.

The loan deal received previous approval from the Detroit City Council and Michigan's Local Emergency Financial Assistance Loan Board.