Detroit hopes to exit bankruptcy by Oct. 15

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DETROIT (AP) — 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 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 Jones
Day law firm.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
DETROIT (AP) — 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 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 Jones
Day law firm.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.

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