Detroit has a 50-50 chance of avoiding bankruptcy. "Creditors are - TopicsExpress

Detroit has a 50-50 chance of avoiding bankruptcy. "Creditors are being asked to take about 10 cents on the dollar of what’s owed them." "What the average Detroiter needs to understand is that where we are right now is a culmination of years and years and years of kicking the can down the road,” said Orr, adding that his proposal should not be seen as a “hostile act” but as a step in the right direction. “We’re tapped out,” Orr said. ”We need to come up with a plan to restructure our debt obligations and our legacy obligations going forward — that is: pension, other employee benefits, health care, so on and so forth.” _______________________________________ detroit.cbslocal/2013/06/14/detroit-emergency-manager-proposes-plan-to-creditors/

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