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State Board Completes Detroit EM Wrapup

A loan board has approved some of the final steps that make up the state’s role in Detroit’s bankruptcy.

We have more from The Michigan Public Radio Network’s Rick Pluta.

The Local Emergency Financial Assistance Loan Board gave its OK to a billion dollars in bond sales. That includes $325 million in bankruptcy exit financing that will also help Detroit restore its credit rating.

Terry Stanton is with the state Treasury Department.

“It’s a big step because a lot of these pieces have to be in place for the bankruptcy, really, to continue and come to fruition,” he says.

The loan board also approved the sale of city-owned property as part of the project to build a new international bridge and border crossing between Detroit and Ontario.

Rick Pluta is Senior Capitol Correspondent for the Michigan Public Radio Network. He has been covering Michigan’s Capitol, government, and politics since 1987. His journalism background includes stints with UPI, The Elizabeth (NJ) Daily Journal, The (Pontiac, MI) Oakland Press, and WJR. He is also a lifelong public radio listener.
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