Detroit's $15B Debt Load Portends Grim Future, Report Says

Law360, New York (May 13, 2013, 12:37 PM EDT) -- Detroit's emergency manager on Sunday painted a bleak picture of the city's finances, reporting that the city must change course if it hopes to emerge from $15 billion in obligations and a deficit that exceeds $326 million.

Nearly two months after taking on the position of Detroit's first emergency manager, Jones Day bankruptcy partner Kevyn Orr issued his first report on the city's finances Sunday, finding that it is in dire need of restructuring its debt and reinvesting in public safety. The restructuring plan is still...
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