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Detroit, banks have no final debt deal agreement

A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013.
Credit: Reuters/ Rebecca Cook
A image of the Detroit skyline is seen on the podium where Detroit Emergency Manager Kevyn Orr and Michigan Governor Rick Snyder addressed the media about filing bankruptcy for the city of Detroit during a news conference in Detroit, Michigan July 19, 2013. Credit: Reuters/ Rebecca Cook

DETROIT (WKZO) -- The proposed 85-million dollar agreement reached between the City of Detroit and two banks has not been finalized.

The loan to pay off a pension debt deal with UBS and Bank of America was reportedly agreed upon weeks ago. However, an attorney for the City of Detroit told U.S. Bankruptcy Judge Stephen Rhodes a final agreement has not been drafted only a "term sheet."

Rhodes was not happy about the news but was assured a final agreement is close. The judge earlier rejected to other proposals to pay off the debt.

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