The City Council voted in favor of an emergency manager last week after Gov. Snyder declared a financial emergency. It will be Hamtramck’s second manager since 2001.
Last Friday, the emergency manager for Detroit laid out plans to avoid bankruptcy. And now, Pontiac’s emergency manager gets his turn.
Creditors, bond holders and unions are meeting with Detroit’s state-appointed emergency manager Friday to hear his plan to keep the city out of Chapter 9 bankruptcy.
“It would take 68 years to pay off the debt assuming you incur no further debt – that’s not feasible,” said Orr during the evening meeting.
Gov. Rick Snyder will appoint a team to review the finances of the Pontiac Public Schools.
Detroit’s emergency manager is hoping to avoid bankruptcy for the city by trying to settle debts with creditors for just pennies on the dollar.
One of the emails specifically states its being sent from a private account “to stay below the radar for a few weeks on Detroit planning.”
It’s a step that could lead to Gov. Rick Snyder appointing a manager to take over the reins of government in the Detroit enclave.
Gov. Rick Snyder says the state-appointed emergency manager for Detroit’s public schools has decided to postpone his plans to step down by up to six months.
Emergency manager Kevyn Orr has formally filed his first report on Detroit’s finances with the state Treasurer’s office.