By Joseph Lichterman DETROIT, June 21 (Reuters) - A Detroit official has dismissed as "lots of wild speculation" a story that Emergency Manager Kevyn Orr is considering the sale of the city's little-known collection of classic cars. "There is no proposed plan to sell any asset owned by the city," Bill Nowling, Orr's spokesman, said in an email on Thursday. That has not stopped heated debate over the prospect that Orr could approve the sale of assets, including works from the Detroit Institute of Arts, to satisfy the city's crushing debt obligations and avoid bankruptcy. ...
Rolling Stone: Diego Rivera is under attack in Detroit. It's not the first threat to the late Mexican artist's famed murals, which depict the city's steel factories with a not-quite-subtle anti-capitalist bent. In 1933, union workers had to guard the then-new exhibit from the followers of a fanatical local preacher. But today the mural series is facing a different challenge: It is one of many assets that the city could potentially sell off to pay back billions of dollars in long-term debts to Wall Street creditors. Read the whole story at Rolling Stone Read more https://www.huffingtonpost.com/2013/06/22/detroits-debt-crisis-ever_n_3483005.html?utm_hp_ref=detroit ...
Sources: Gary Brown To Become Detroit's Deputy Emergency Manager - Fox 2 News Headlines My Fox Detroit: DETROIT (WJBK) -Fox 2 has confirmed Detroit City Council President Pro Tem Gary Brown will become the city's deputy emergency manager in charge of operations. This basically means he will be running day-to-day operations of the ...
(Reuters) - Detroit's default and debt restructuring plan are precedent-setting in the U.S. municipal market, Moody's Investors Service said on Monday, because...
In a desperate attempt to avoid bankruptcy, Detroit’s Emergency Financial Manager, Kevyn Orr, announced the financially ailing city’s plan to immediately stop paying down $2.5 billion of its $18.5 billion of long-term debt. “Detroit’s road to recovery begins today,” Orr told a room full of nearly 150 of the city’s creditors. “Financial mismanagement, a shrinking population, a dwindling tax base and other factors over the last 45 years have brought Detroit to the brink of financial and operational ruin.” Orr, a bankruptcy attorney hired by Michigan to assist with the Motor City’s finical woes, said creditors could expect to be paid less than 10 cents on the dollar. “Our plan is bold because aggressive action is required to get Detroit back on its feet and improve the quality of life for the people who call Detroit home,” said Orr. Reuters[1] reports that Orr’s drastic plan [2]has already been put into effect, with the city skipping out on a $34 million payment due yesterday, a move Orr ...
