Detroit emergency manager: "precious little we can do"
There is "precious little" Detroit can do other than try to restructure in bankruptcy, the city's emergency manager said Friday morning.
Detroit filed the largest municipal bankruptcy in U.S. history Thursday, having run out of options to deal with its $18 billion debt burden.
Emergency manager Kevyn Orr, at a news conference with Michigan Gov. Rick Snyder, said there may be some glitches with checks written last week but that otherwise bills should be paid in the ordinary course of business.
In fact, Orr said, vendors may end up getting a pleasant surprise.
"We may end up paying our bills a little quicker than usual," Orr said. "We're going to try and pay our bills on time for once."
Nonetheless Governor Snyder said that some creditors aren't sure they'll ever be paid.
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