Reaction to EM's report on Detroit's financial state

(WXYZ) - Detroit Emergency Manager Kevyn Orr says he will know in the next 6 weeks if creditors to the city are willing to make concessions. 

He also says while he would like to avoid Chapter 9 Bankruptcy, he's not afraid of it. 

Detroit Mayor Dave Bing says Orr is the right person for this job now, because that's what he does. 

Orr's financial report shows Detroit has $15 billion in long term debt, roughly half of that underfunded retiree health care and underfunded pensions. 

Those issues have led to litigation in the past.  Plus, deferred pension payments by the city helped keep it from running out of cash. 

The Emergency Manager also says the hiring of a new Police Chief is imminent. 

The top pick has been Cincinnati Police Chief James Craig.  Finally, Mayor Bing says he wants to sleep on is final decision whether to run for reelection. 

The filing deadline is Tuesday. 
 

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