Loan board approves $1 billion for Detroit bankruptcy recovery
A state loan board has approved $1 billion in loans to help with Detroit bankruptcy recovery. Of that sum, $325 million is allocated to bankruptcy exit financing that will also aid Detroit in restoring its credit rating.
Terry Stanton from the Michigan Treasury Department approves of the Local Emergency Financial Assistance Loan Board's decision, calling it a “big step" towards having the bankruptcy "continue and come to fruition".
Stanton further notes that “the state has been a real strong partner in working collaboratively with the city officials and others to get through this as quickly and as efficiently as possible.”
In addition, the board approved the sale of city-owned property to subsidize construction of a new international bridge and border crossing between Detroit and Ontario.