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Michigan's emergency loan board approves Detroit deal

The word "Bankruptcy" is painted on the side of a building in Detroit, Michigan in this October 25, 2013 file photo. REUTERS/Joshua Lott/Fil
The word "Bankruptcy" is painted on the side of a building in Detroit, Michigan in this October 25, 2013 file photo. REUTERS/Joshua Lott/Fil

DETROIT (WKZO) -- Michigan's emergency loan board approved a new deal between Detroit and Barclays.

Under the deal approved Tuesday, the city will borrow 120-million dollars for blight projects, public safety improvements and technology upgrades. The loan represents renegotiated terms of an earlier deal between the city and bank that fell through.

Under the new plan, Detroit no longer is putting up its casino revenue as collateral. The loan must still be approved by Detroit Federal Bankruptcy Judge Steven Rhodes.

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