Wednesday, July 10, 2013

Detroit Cancels City Blight Tour for Creditors

Creditors of the city of Detroit aren't interested in the city blight, they want their money.

Emergency Manager Kevyn Orr's office announced Tuesday afternoon that a bus tour of Detroit planned for 25 creditors who are being asked to forgive the city's debt has been cancelled, reports AllMichigan.com.

“Unfortunately, the Office of the Emergency Manager will not be sponsoring a city tour for creditors Wednesday,” Orr spokesman Bill Nowling said in a prepared statement. “The city's creditors informed our office that they would like to spend more time conducting due diligence research into the city's financial state while they are in Detroit. It became apparent Tuesday that postponing the tour was necessary."

Orr has been trying to get city creditors, who are owed billions, to accept massive concessions in order to prevent bankruptcy.

And don't think Detroit is anomaly, crises are developing in other cities and some states:

California on the Brink: Pension Crisis About to Get Worse

Facing NYC’s fiscal nightmare

Illinois Ends Fiscal Year $1.6 Billion in the Red

Public pension costs swamp revenues of 10 U.S. states

1 comment:

  1. In a related story, Michigan cancels the city of Detroit.

    “Unfortunately, the Office of the Emergency Manager will not be sponsoring a city tour for creditors Wednesday,” spokesman Bill Nowling said in a prepared statement. “The city of Detroit has been cancelled. It became apparent that closing the city was necessary."

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