Detroit Emergency Financial Manager to offer creditors "pennies on dollar" to avoid bankruptcy

5:49 am
Fri June 7, 2013

Detroit Emergency Financial Manager to offer creditors "pennies on dollar" to avoid bankruptcy

Lead in text: 
Emergency Manager Kevyn Orr's office has not confirmed figure, meetings will likely happen next week
Detroit's attempt to avoid bankruptcy will hit a critical stage next week as emergency manager Kevyn Orr brings together dozens of creditors to present a stark offer: less than 10 cents on the dollar for the loans, bonds, retiree obligations and other debts that have been strangling the city for years.