May 13, 2013
Emergency Manager Kevyn Orr says the city of Detroit’s cash-flow crisis makes it “insolvent” and unable to borrow more money to mask over debts being made worse by skipping millions in payments for retiree pensions and health care.
After 45 days on the job, Orr’s initial assessment of Detroit’s perilous finances is laid bare in a 41-page report to be delivered today to state Treasurer Andy Dillon.
Calling it “a sobering wake-up call about the dire financial straits the city of Detroit faces,” Orr said he will use the report as a baseline for paring down the city’s $15.6 billion in debt and long-term liabilities.
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