Detroit EM to creditors: Get on bus, see real city
Thu, 04 Jul 2013 17:44:39 GMT —
Detroit emergency manager Kevyn Orr has a message for the city's creditors: Get on the bus and take a look at the gravity of the city's blight and decay.
Orr plans to take about 25 bankers on a tour next week of some of Detroit's hardest-hit areas, including the largely abandoned Brightmoor neighborhood on the city's far west side.
Orr is a bankruptcy expert. Michigan hired him in March to fix Detroit's finances, which are running a $380 million deficit this year.
Orr has said long-term debt could top $17 billion, and he's asking bond-holders to accept steep markdowns on what they're owed.
Orr's goal for Wednesday's tour is to impress the creditors with the dire state of the city.