Detroit must disclose the fee structure of a $350 million debtor-in-possession financing agreement, Bankruptcy Judge Steven Rhodes ordered yesterday, turning back the city's efforts to keep secret the cost of landing a controversial loan package, Reuters reported yesterday. The city and Barclays Capital had requested the fees be kept a secret because the details are commercially sensitive and might raise the price of the loan. Detroit reached the loan agreement with Barclays, a unit of Britain's Barclay's Plc, in October, but the deal still must be approved by Judge Rhodes. About $230 million of the proceeds would be used to end interest-rate swaps contracts that the city has with Bank of America Corp's Merrill Lynch Capital Services and UBS AG. The swaps were related to debt sold in an effort to help Detroit make payments into city pension funds. About $120 million of the DIP financing would be used to improve city services.
