DETROIT (AP) — Detroit's emergency manager says an effort to raise $500 million to help retirees still won't prevent pension cuts as the city works on a plan to emerge from bankruptcy.
Kevyn Orr says the expectations of retirees must be "sober." He's praising the fundraising drive but says it still won't completely solve the problem of having two underfunded Detroit pension funds.
Orr spoke to The Associated Press on Thursday, nine days after a judge said Detroit is eligible to fix itself in bankruptcy and cut pensions as part of a plan to settle $18 billion in debt. Orr is pledging to come up with a blueprint by January.
Another judge has been privately talking to foundations about raising $500 million to help pensioners and prevent the sale of city-owned art.