Misery Tour Planned In Detroit

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Detroit emergency manager Kevyn Orr has a message for the city's creditors: Get on the bus and take a look at the gravity of the city's blight and decay.

Orr plans to take about 25 bankers on a tour next week of some of Detroit's hardest-hit areas, including the largely abandoned Brightmoor neighborhood on the city's far west side.

Orr is a bankruptcy expert. Michigan hired him in March to fix Detroit's finances, which are running a $380 million deficit this year.

Orr has said long-term debt could top $17 billion, and he's asking bond-holders to accept steep markdowns on what they're owed.

The Detroit News and Detroit Free Press report that Orr's goal for Wednesday's tour is to impress the creditors with the dire state of the city.




 
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