DETROIT (AP) – After several weeks of talks, only one deal has been reached between the state-appointed emergency manager hired to fix Detroit’s finances and more than 50 creditors, two public pension funds and unions jockeying for their share of billions of dollars the city owes them.
The pace is frustrating for some, who are balking at the 10 cents on a dollar offered by bankruptcy attorney Kevyn Orr.
Orr told them last month that time was short on fixing a $17 billion debt load. He put the odds of a bankruptcy filing at 50-50.
Detroit- area turnaround expert James McTevia says Orr cold justify bankruptcy “if there are enough people not willing to get on the bus.”
It would make Detroit the largest city in U.S. history to seek bankruptcy protection.
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