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Detroit manager pitches debt recovery plan to creditors involving halt of debt payments
Posted By Adan On June 14, 2013 @ 1:18 pm In Economic Crisis,Tile | Comments Disabled
Matt Helms, Joe Guillen and Alisa Priddle
Detroit Free Press
June 14, 2013
Emergency manager Kevyn Orr on Friday laid out an extraordinary, complex and painful path back to solvency for the city of Detroit in a proposed plan to creditors.
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 $1.5 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 Friday’s historic meeting cannot be understated.
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