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MAY 12, 2013 - Yahoo! News

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As Detroit emergency manager readies fix-it plan, hard work ahead

By Nick Carey and Steve Neavling DETROIT (Reuters) - Six weeks into his work as Detroit's emergency manager, former bankruptcy lawyer Kevyn Orr has found the city's finances in worse shape than expected, with long-term debt at $15 billion, $2 billion worse than figures disclosed before he took the job. The city has set aside far less than expected for retiree healthcare benefits, too. A report from Michigan State University in March stated that Detroit has $4.9 billion of unfunded benefit liabilities. But Orr's review has found the shortfall actually is $5. ...

Tags: As Detroit emergency manager readies fix-it plan, hard work ahead,  Michigan Latest News