April 9 (Bloomberg) — Detroit Emergency Manager Kevyn Orr said he wants debt-cutting agreements with retirees and city employees by early next week to give 170,000 creditors a clearer picture of a bankruptcy plan they'll vote on starting next month.
Court mediators today announced an agreement for the bankrupt city to pay some bondholders 74 percent of $388 million they are owed. The plan would shift about half the remaining $100 million to pension systems, which face reductions under Orr's plan to cut Detroit's $18 billion debt.
Orr said in an interview at Bloomberg News headquarters in New York that the deal should make creditors realize time is short.
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