In a speech on Friday at ABI’s Annual Spring Meeting, Detroit Emergency Manager Kevyn Orr said that "every city has an opportunity for rebirth"—a realization that he said struck him as he leads the troubled city of 685,000 residents through the largest municipal bankruptcy in U.S. history, Dow Jones Daily Bankruptcy Review reported today. Already Orr has brokered a deal with Wall Street banks to cut a $400 million debt to about $75 million, and the city also has a commitment of more than $800 million from nonprofits and the state. "There's been some heavy lifting...but we're getting it done," said Orr, who used to work for the prominent Jones Day law firm. The city's plan to get out of bankruptcy still needs approval from Judge Steven Rhodes. (Subscription required.)
http://bankruptcynews.dowjones.com/Article?an=DJFDBR0020140425ea4pp26j5…
Don’t miss Fox Business News interview with Kevyn Orr on Friday from ABI’s Annual Spring Meeting: http://video.foxbusiness.com/v/3507439713001/detroit-deadline-for-bankr…