On the Brink, Detroit Halts Debt Payments, Plans Pension CutsJune 14, 2013 – In The News
Michael Sweet was quoted in the CNN Money article "On the Brink, Detroit Halts Debt Payments, Plans Pension Cuts." While the full text can be found in the June 14, 2013, issue of CNN Money, a synopsis is noted below.
Detroit will immediately stop payments on about $2 billion in debt and cut pay and pension and health benefits for city workers, Kevyn Orr, the city’s emergency manager said on Friday.
Michael Sweet believes bankruptcy will be the ultimate outcome for the city. “Orr’s meeting with creditors ensures that he makes a good-faith effort to negotiate debts,” Sweet said. “While bankruptcy still comes with certain stigmas, it would allow Detroit the opportunity to reinvent itself.”