Detroit EM cancels planned bus tour for creditors
Wed, 10 Jul 2013 09:30:28 GMT —
Detroit emergency manager Kevyn Orr has cancelled a planned bus tour of the city's hardest-hit areas with about 25 creditors.
Orr's office said officials seek to reschedule the tour originally set for Wednesday but a new date hasn't been determined.
The Detroit News reported Tuesday that several creditors opted out because of media attention. Orr spokesman Bill Nowling says "they don't want their pictures taken."
Nowling adds in a statement that creditors want "to spend more time conducting due diligence" on the city's finances while they are in town.
Orr is a bankruptcy expert hired in March to fix Detroit's finances, which are running a $380 million deficit this year. He says long-term debt could top $17 billion and is asking bond-holders to accept steep markdowns on what they're owed.