Topic - Orr

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  • FILE - In this Oct. 23, 2013 file photo protesters rally outside federal court during Detroit's bankruptcy proceedings. Winners and losers will emerge in the largest municipal bankruptcy in U.S. history, and nowhere is that more evident than the differences proposed for the two classes of retirees in the plan filed last month by state-appointed emergency manager Kevyn Orr. (AP Photo/Paul Sancya, File)

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  • FILE- In a Dec. 12, 2013 file photo, Detroit Emergency Manager Kevyn Orr speaks during an interview with The Associated Press in Detroit. Orr, the state-appointed emergency manager who is overseeing Detroit's finances, has given creditors his proposal to restructure the city's debt as he takes it through the largest municipal bankruptcy in U.S. history. Police and Fire Retirement System spokesman Bruce Babiarz on Wednesday, Jan. 29, 2014 told The Associated Press the pension fund received Orr's "preliminary plan of adjustment"  (AP Photo/Paul Sancya, File)

    Detroit creditors receive preliminary plan

    The state-appointed emergency manager overseeing Detroit's finances on Wednesday gave the bankrupt city's creditors copies of his plan to restructure the debt, though it could be modified before being reviewed by a court.

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  • The plan is expected to be filed with the court in about two weeks, Orr said.

    Detroit creditors receive preliminary plan →

  • "Time is of the essence," Orr said Wednesday. "The longer we remain entrenched in our positions and fail to reach an agreement, the worse life gets for Detroit's 700,000 residents and the greater our collective challenges become. My team and I believe this plan presents each interested party with fair and equitable treatment, and we look forward to working with our creditors to adopt this plan."

    Detroit creditors receive preliminary plan →

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