After several weeks of slow-moving talks, only one deal has been
reached between the state-appointed emergency manager hired to fix
Detroit's finances and the more than 50 creditors, two public pension
funds and unions jockeying for a piece of the billions of dollars the
city owes them.
The slow process is frustrating some creditors who complain the city isn't doing much to bargain with them beyond offering 10 cents on a dollar. They say bankruptcy attorney Kevyn Orr's message to them has been a blunt — take it or leave it.
Though Orr has said he's attempting to avoid the largest municipal bankruptcy in U.S. history, experts say the stalemates at the bargaining tables could push the city in that direction.
http://bigstory.ap.org/article/slow-negotiations-could-hasten-bankruptcy-filing
The slow process is frustrating some creditors who complain the city isn't doing much to bargain with them beyond offering 10 cents on a dollar. They say bankruptcy attorney Kevyn Orr's message to them has been a blunt — take it or leave it.
Though Orr has said he's attempting to avoid the largest municipal bankruptcy in U.S. history, experts say the stalemates at the bargaining tables could push the city in that direction.
http://bigstory.ap.org/article/slow-negotiations-could-hasten-bankruptcy-filing
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