Tagged: municipal bankruptcy

Detroit’s emergency manager Kevyn Orr sits down with the city’s major creditors Friday.

The meeting sets up negotiations that could help Detroit avoid filing for bankruptcy—or lay the groundwork for it.

Orr will gather all the city’s big creditors—unions, retirees, and banks—to pitch his plan.

They’ll all be asked to take some major losses to help Detroit shed some of its crippling debt load, estimated at a least $15 billion.

Detroit emergency manager Kevyn Orr didn’t share much new information at his first public meeting Monday night—but he did set the stage for an upcoming meeting with the city’s creditors.

At his first public meeting—required by the emergency manager law that empowers him--Orr told a story we already know: Detroit hasn’t been paying contractors, making pension payments, and has only survived by borrowing billions.