Detroit bankruptcy

Detroit Monday disclosed the fees it must pay to Barclays Capital Inc. to secure a $350 million debtor-in-possession financing, after the bankruptcy judge overseeing the city's case ordered the disclosure.

The federal judge overseeing Detroit's bankruptcy case ruled Thursday that the city must reveal the fees it plans to pay to Barclays for a $350 million debtor-in-possession financing, one of the few DIP loans for a municipality in Chapter 9.

Detroit's mayor-elect Mike Duggan introduced the core of his transition team even as he said it remains unclear how much power he will have under the city's state-appointed emergency manager.

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

A state-run board Tuesday approved Gov. Rick Snyder's push to lease Belle Isle, Detroit's biggest park, for up to 30 years, killing an alternative 10-year lease proposed by the Detroit City Council.

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

Bond insurer Syncora Guarantee Inc. filed an objection to Detroit's effort to repair its broken down streetlight system with the use of the city's utility tax to back bond payments.

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