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Detroit Emergency Manager praises deal

Detroit's emergency financial manager Kevyn Orr talks to members of the media outside the Detroit Newspapers building about the report he de
Detroit's emergency financial manager Kevyn Orr talks to members of the media outside the Detroit Newspapers building about the report he de

DETROIT (WKZO) -- Emergency manager Kevyn Orr says a deal to settle some debt is an "important development" for Detroit.

The agreement will save millions of dollars for the city by terminating a rate swap deal with banks. The bankruptcy judge had told the city to try to get a better arrangement with banks and the judge must still okay this agreement.

Orr says the city has also said the deal will reduce a financing loan.

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