Detroit Hopes to Exit Bankruptcy by Oct. 15
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 on 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.
Michigan Gov. Rick Snyder appointed Orr in March 2013. He was a corporate bankruptcy specialist at the Jones Day law firm.
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