There were no protesters at 8:30 a.m. outside the Westin hotel entrance at Detroit Metropolitan Airp

Detroit emergency manager Kevyn Orr has laid out a sweeping cheap bus tickets from cincinati scheme to restructure the city's debt. Right now, Detroit's debt obligations—including bonds, pension payments, and retiree health cheap bus tickets from cincinati care—consume more than 40% of the city's cheap bus tickets from cincinati general cheap bus tickets from cincinati fund. Orr projects that by 2017, that will rise to nearly 65%. To rectify this so-called "death spiral," Orr recommends some drastic moves. First, the city will stop making debt payments immediately cheap bus tickets from cincinati to conserve cash. Second, Orr proposes across-the-board cuts to ALL creditors averaging roughly cheap bus tickets from cincinati 90%.
That includes cuts to pensions—though because they're backed by some existing funds, that cut won't amount to 90%. Michigan's state constitution is widely believed to protect vested pensions, but Orr's team doesn't share that interpretation.
Detroit's emergency manager, Kevyn Orr, is meeting with Detroit's creditors today at the Westin Hotel at Detroit Metro Airport. He's hoping to negotiate terms that will keep the city out of municipal bankruptcy.
The Detroit News reported on the scene this morning as Orr entered the meeting with "about 150 representatives" of the city's creditors ( here's a list of the banks, bondholders, cheap bus tickets from cincinati unions, and pension funds the city owes money to ):
There were no protesters at 8:30 a.m. outside the Westin hotel entrance at Detroit Metropolitan Airport's McNamara Terminal, but there was a heavy police presence, including Michigan State Police troopers and Detroit officers.
"A Chapter 9 bankruptcy very much is in the hands of the city," says Scorsone. "So in that sense, it's in the hands of the emergency manager. It's up to Mr. Orr and his team to lay out an adjustment plan that would help the city."
Orr is meeting Friday morning with about 150 representatives from banks, bondholders, unions and pension funds, all of whom will be asked to make steep concessions or risk the uncertainty of a Chapter 9 bankruptcy.
The meeting, and creditors' reaction to the plan, could push the city closer to bankruptcy or mark a step toward restructuring after decades of population loss, drops in income and property taxes and unchecked spending that has left the city with $15.6 billion in debt.
There were no protesters at 8:30 a.m. outside the Westin hotel entrance at Detroit Metropolitan Airport's McNamara Terminal, but there was a heavy police presence, including Michigan State Police troopers and Detroit officers.