Emergency Manager Kevyn Orr: Time of essence in bankruptcy - New York News

Emergency Manager Kevyn Orr: Time of essence in bankruptcy

Posted: Updated:
DETROIT (AP) -

Detroit's state-appointed emergency manager says he's pleased by a judge's ruling that the city is eligible to fix its finances in bankruptcy court.

Kevyn Orr said in a statement Tuesday that "time is of the essence" now that Judge Steven Rhodes ruled the city can shed billions of debt in the largest public bankruptcy in U.S. history. Orr says he will submit an adjustment plan in the coming weeks and plans for the city to come out of Chapter 9 protection by the end of September.
 
Orr tells reporters that the city is improving already and more progress will be made.
 
Orr says he looks forward to working with all creditors. Rhodes turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan.

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