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Detroit Emergency Manager reaches out to creditors

DETROIT (WKZO) -- Detroit Emergency Manager Kevyn Orr has reportedly reached out to several major creditors.

Orr is gauging support for his restructuring plan, which he is scheduled to unveil Friday.  According to a source close to the Emergency Manager, Orr has had preliminary discussions with Royal Bank of Canada, Bank of America, J.P. Morgan Chase and Company and several hedge funds.

During Friday’s meeting with roughly 150 representatives of bondholders, pension funds and other debt holders, Orr is expected to outline his proposal to stave off a Chapter 9 bankruptcy filing by Detroit.

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