Detroit Emergency Manager looks at cutting long-term city debt

(WXYZ) - Detroit Emergency Manager Kevyn Orr has started meeting with the stakeholders who are part of the $14 billion city long term debt. 

On Thursday, that included a meet and greet with the Detroit Police and Fire Pension Board. 

The Chairman of the board, Matt Gnatek tells 7 Action News that their fund is 96 percent funded and a new financial report is due within a few weeks. 

Orr will try to negotiate some partial payments over debt. Cuts to public employee pensions and retiree benefits can not be imposed by the EM because they have state constitutional protections. 

If deals can not be reached, Chapter 9 municipal bankruptcy could be the result.  

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