Detroit’s Bankruptcy: Today Interest Rate Swap Deal Discussed

In the city of Detroit's ongoing bankruptcy, Detroit Emergency Financial manager Kevyn Orr was in Federal Court today discussing a proposed interest rate swap deal. Under this arrangement debt would be settled to pay off banks. The total cost: $165 million. Orr says by completing this procedure it would clear the way for the process to move ahead while eliminating quite a few financial risks. Before anything is finalized it's got to get the approval first from the Judge overseeing the bankruptcy.