Emergency manager Kevyn Orr presented his plans to residents of Detroit at Wayne State University on Monday evening. According to Orr Detroit only has a 50/50 chance of avoiding bankruptcy.
Orr told the audience of about 250 people that he wants to steer Detroit clear of a Chapter 9 municipal bankruptcy. Orr is scheduled to meet Friday with dozens of creditors and debt-holders, including banks and unions.
Orr plans to negotiate deals to reach concessions to cut into the city’s more than 14 billion debt.
At times Monday, Orr challenged and begged residents to be part of the solution as he tries to right Detroit.
“You can call me bad names, but I need your help,” he said. “This is not going to be easy. It’s going to be hard, but we can do it.”
Stay tuned to the Michigan Chronicle for updates.
Detroit EM: Call me names, but I need your help Read more: http://www.myfoxdetroit.com/story/22546161/detroit-em-to-hold-public-informational-meeting#ixzz2Vsvc4emN