Detroit's Cash Flow Improves As City Ceases Debt Payments
By Maria Chutchian
Law360, New York (October 17, 2013, 6:21 PM ET) -- Detroit experienced a dip in revenue but a slight boost in cash flow in the past three months as it avoids paying unsecured bond debt and making contributions to pension funds during its Chapter 9 bankruptcy proceedings, according to a report released Wednesday.
Emergency Manager Kevyn Orr said the floundering city’s financial position “continues to be dire” in the financial report to Michigan Treasurer Andy Dillon for the first quarter of the 2014 fiscal year, which spanned July 1 to Sept. 30. Dillon recently announced his...