DETROIT (WTVB) - Kevyn Orr, Detroit’s Emergency Manager, has released his plan to bring the Motor City out of bankruptcy. It cuts general pensions by 36%, police pensions by 10% and bondholders by 80%. It protects the collection at the Detroit Institute of Arts as long as private money that has been pledged comes through.
Union groups and bond insurers are crying foul and promising to challenge the plan in court. Orr wants to remind all parties that his tenure ends in September, which he hopes will speed up the process.