From Reuters:
Detroit's emergency manager voiced confidence on Wednesday that the city could emerge from bankruptcy before his term expires in October 2014 and possibly without having to borrow more money.
Even so, Kevyn Orr, the bankruptcy expert who was appointed in March to a post that gives him almost unlimited power over Detroit's finances, warned that the path back to financial health will not be painless for Detroit's creditors.If the city wins court approval to proceed with the Chapter 9 bankruptcy filing it made last month, virtually all of the city's creditors will have payments on their bonds reduced, he said.
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