Detroit hopes to exit bankruptcy by Oct. 15

By: Associated Press
By: Associated Press
The emergency manager running Detroit says he wants to see the city get out of bankruptcy by Oct. 15.

MGN Online

DETROIT (AP) - The emergency manager running Detroit says he wants to see the city get out of bankruptcy by Oct. 15.

Kevyn Orr's 18-month term expires in September, but he can stay unless the City Council and Mayor Mike Duggan remove him.

Orr made his remark about a bankruptcy exit Thursday during a court hearing about an $85 million debt settlement with banks. He told federal Judge Steven Rhodes that the settlement would help Detroit plow more money into city services.

Some creditors are opposed.

Rhodes plans to hold hearings in July on Detroit's overall plan to wrap up the largest public bankruptcy in U.S. history.

Gov. Rick Snyder appointed Orr in March 2013. He was a corporate bankruptcy specialist at Jones Day law firm.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
WNDU - Channel 16 54516 State Road 933 South Bend, IN 46637 Front Desk: 574-284-3000 Newsroom: 574-284-3016 Email: newscenter16@wndu.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 253842751 - wndu.com/a?a=253842751