In a presentation to creditors delivered yesterday, Detroit emergency manager Kevyn Orr outlined a last-ditch effort to save the city from bankruptcy. Many creditors would have to agree to receive less than 10 cents on the dollar.
"Detroit emergency manager Kevyn Orr laid out an extraordinary, complex and painful path back to solvency for the city of Detroit this morning in a proposed plan to creditors," report Matt Helms, Joe Guillen and Alisa Priddle.
"It would spin off the city’s water department, reduce city-provided health care for retirees and immediately stop debt payments and then use that money to keep the city operating while reinvesting $1.25 billion over the next decade to boost crucial public services like police and fire, step up blight removal and transform an antiquated, failing city government."
"The impact of the document Orr released publicly and to creditors in a historic meeting this morning cannot be understated," say the reporters.
FULL STORY: Orr: Detroit to halt debt payments, reinvest $1.25 billion in city
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