DETROIT (AP) — Detroit's emergency manager testified Monday that he had thought as late as June that a bankruptcy filing could be avoided but that he knew time was running out for the city and its creditors to agree concessions.
Testifying on the fourth day of a trial to determine whether Detroit is eligible to fix its finances in bankruptcy court, emergency manager Kevyn Orr said he received a couple of counter-proposals from creditors, but none from unions or retirees before filing for bankruptcy protection in July.
"Anyone paying attention knew the time had come to make some very difficult decisions," Orr said of a June meeting with hundreds of the city's creditors. "We were in a financial emergency and were going to have to move very quickly."
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