EM Orr Set to Meet With Detroit's Creditors

By: AP
By: AP

DETROIT (AP) -- A meeting between state-appointed emergency manager Kevyn Orr, bond debt holders and unions Detroit owes money to will show the city's creditors the depth of its financial collapse.
Orr spokesman Bill Nowling says they have been sent letters to attend Friday's meeting at a hotel at Detroit Metropolitan Airport.
Nowling says the get-together will reveal that the "city is in dire financial straits," but that the meeting is the "first step in righting the course."
Nowling would not confirm or deny that the debt holders will be asked to accept cents on the dollar to forgive some of Detroit's long-term debt.
American Federation of State, County & Municipal Employees Council 25 spokesman Ed McNeil says "nothing good is going to come out of the meeting" for unions.

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