Emergency Manager Kevyn Orr: Time of essence in bankruptcy - FOX 32 News Chicago

Emergency Manager Kevyn Orr: Time of essence in bankruptcy

Posted: Updated:
DETROIT (AP) -

Detroit's state-appointed emergency manager says he's pleased by a judge's ruling that the city is eligible to fix its finances in bankruptcy court.

Kevyn Orr said in a statement Tuesday that "time is of the essence" now that Judge Steven Rhodes ruled the city can shed billions of debt in the largest public bankruptcy in U.S. history. Orr says he will submit an adjustment plan in the coming weeks and plans for the city to come out of Chapter 9 protection by the end of September.
 
Orr tells reporters that the city is improving already and more progress will be made.
 
Orr says he looks forward to working with all creditors. Rhodes turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan.

Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices