February 21, 2014 at 2:37 pm

Orr addresses Detroit bankruptcy exit plan

Kevyn Orr (Max Ortiz / The Detroit News)

Detroit — Emergency Manager Kevyn Orr is discussing the city’s Plan of Adjustment and related disclosure statement at right now.

Orr is later scheduled to give a keynote speech Friday afternoon in Pennsylvania at the Wharton Restructuring and Distressed Investing Conference. The event is sponsored by the city’s lead bankruptcy firm, Jones Day, and Detroit’s investment banking firm, Miller Buckfire.

Orr is scheduled to speak at 4:15 p.m., according to an agenda posted on the event’s website. That’s several hours after the city filed its plan to shed debt and emerge from bankruptcy court. The event is being held at the Union League of Philadelphia.

His spokesman, Bill Nowling, confirmed Orr will attend the restructuring conference and noted it was scheduled months ago.

Nowling said Orr flew to D.C. Thursday night on a cheaper flight and would take a train to Philadelphia.

One of the larger bond creditors, Blackstone, and a firm that represents retirees, Lazard, will be at the event, Nowling added.

“The people who will be at this event are the same people who must vote to approve the plan,” Nowling said.

rsnell@detroitnews.com
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