In his first public meeting, Detroit Emergency Manager Kevyn Orr said yesterday that the city has a 50/50 chance of filing for bankruptcy, Reuters reported yesterday. Speaking to an audience at Wayne State University, Orr delivered a message of fiscal discipline but offered few details of his plan for negotiating with Detroit's creditors, public employees or retirees. Detroit is believed to owe about $17 billion in debt and other liabilities. When he released his first official report on Detroit's finances last month, Orr said the city will have enough cash on hand to meet its existing obligations through at least the fourth quarter.
