Detroit's Orr, after meeting creditors, says bankruptcy still possible

DETROIT, June 14 Fri Jun 14, 2013 12:59pm EDT

DETROIT, June 14 (Reuters) - Detroit Emergency Manager Kevyn Orr said he still sees a 50/50 chance the city will have to file the largest municipal bankruptcy in U.S. history.

Orr spoke after he met with holders of some $17 billion in Detroit debt and called on them to accept a substantial cut in the money they are owed.

He also announced at the meeting a moratorium on some debt service payments, which Fitch Ratings said amounted to a default on those bonds.

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Comments (1)
blowtorch wrote:
Whatever Mr. Orr will publicly present at some future date has already
been decided by all the power brokers, important politicians,and last but certainly not least………any and all of the big-time labor groups. My point is that he will not, including himself, get all the pigs out of Detroit’s creeks so the water truly can clear up……never in a million yrs……but it will be set up as though a miracle happened!

Jun 14, 2013 4:44pm EDT  --  Report as abuse
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