“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.
Detroit is broke.That’s the gist of a new report from the city’s emergency manager, Kevyn Orr.
As Detroit’s emergency manager prepares a report on the city’s bleak finances, another local mayor is speaking out against the concept of emergency managers.
Detroit’s emergency manager says the city is bleeding much more red ink than originally thought.