March 24 (Bloomberg) — Detroit Emergency Manager Kevyn Orr said time is running out for creditors to reach an agreement with the city on a plan to resolve the biggest U.S. municipal bankruptcy by reducing $18 billion in debt.

Creditors know all about the city's finances and don't need any more information, Orr said today at a conference in New York sponsored by the Manhattan Institute for Policy Research. Orr said that in the next couple weeks, he hopes to have enough agreement among creditors to get a debt-adjustment plan enacted by fall. Detroit entered bankruptcy July 18.

"We're past the point of having the luxury of having a lot more time to convince folks," Orr said, a day before the one- year mark of his appointment under a state law that gives him authority over the Detroit's finances and operations.

The city on April 14 will ask a judge to let it seek votes from retirees, bondholders and other creditors on Orr's debt- reduction plan, filed Feb. 21. Winning support from retirees is necessary for the city to lock in $815 million from nonprofit foundations seeking to protect city-owned artwork and the state, Orr said today in an interview. His plan offers bondholders as little as 20 cents on the dollar while proposing pension benefit cuts of as much as 34 percent.

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