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.
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