Detroit Emergency Manager Kevyn Orr cancels bus tour for city creditors
3:58 PM, Jul 9, 2013
3:06 PM, Jul 10, 2013
(WXYZ) - Detroit Emergency Manager Kevyn Orr has canceled the bus tour that was planned for city creditors on Wednesday, according to Orr's spokesperson Bill Nowling.
"Unfortunately, the Office of the Emergency Manager will not be sponsoring a city tour for creditors Wednesday," said Nowling. "The city's creditors informed our office that they would like to spend more time conducting due diligence research into the city's financial state while they are in Detroit. It became apparent Tuesday that postponing the tour was necessary.
Orr had originally planned on showing the creditors how the city has suffered with the financial crisis.The city is offering about ten cents on the dollar to creditors - creditors who could force Detroit into a Chapter 9 Bankruptcy.
The Emergency Manager's office says they will consider rescheduling the tour, but no new date has been set.
"Mr. Orr still encourages the city's creditors to visit and tour the city on their own to see first-hand the issues ordinary Detroiters must deal with each day. If creditors do take the time to see all of Detroit they will better understand why the Emergency Manager proposed a restructuring plan that focuses on creating a strong, viable and solvent Detroit that is able to provide the most basic of services," said Nowling. "Restructuring is not just about balance sheets, it's also about the 700,000 Detroiters who need the city to thrive again."
Orr is still scheduled to meet with representatives of the city's retirees Wednesday and Thursday to discuss their pensions and healthcare.
"All we are hearing are rumors right now," says Don Taylor who represents retired police and fire fighters, more than 6,000 of them.
Taylor says he believes the healthcare will be on the chopping block, forcing the retirees to use Medicare, but he hopes the pensions are protected by state law.
"Most of the retirees live on a fixed income and their pension is all they have because the city of Detroit opted out of social security so the retirees only have their pensions. They are worried right now," says Taylor.
Orr says the city is facing an $18 billion deficit and everyone is going to have to give back something--even the retirees.