CHICAGO -- Detroit late Tuesday asked the federal judge overseeing its bankruptcy case to approve a controversial $350 million debtor-in-possession financing.

The city needs the approval of U.S. Bankruptcy Judge Steven Rhodes to close the deal, which would allow the city to terminate eight interest-rate swaps and raise money for infrastructure improvements. The court request asks Rhodes to sign off on the extensive terms of the deal, including the city’s ability to grant a super priority lien and permission to vacate the automatic stay to the extent necessary.

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