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Detroit Emergency Manager praises deal

DETROIT (WKZO) -- Emergency manager Kevyn Orr says a deal to settle some debt is an "important development" for Detroit.

The agreement will save millions of dollars for the city by terminating a rate swap deal with banks. The bankruptcy judge had told the city to try to get a better arrangement with banks and the judge must still okay this agreement.

Orr says the city has also said the deal will reduce a financing loan.

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