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Detroit EM says bankruptcy unavoidable

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.

By Jeff Karoub | Updated on October 28, 2013
Protesters rally outside The Theodore Levin United States Courthouse in Detroit, Wednesday, Oct. 23, 2013. (AP Photo/Paul Sancya)

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.

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