DETROIT - Detroit's emergency manager has canceled a planned bus tour of the city for creditors because several of them have backed out.
The tour, which was planned for Wednesday and to be hosted by Emergency Manager Kevyn Orr on a DDOT bus, was meant to show creditors the dire problems the Motor City is facing.
Orr had invited about 40 bondholders, insurers and creditors from around the country.
The tour would start downtown at Grand River Avenue and travel to the Brightmoor neighborhood and other blighted areas.
Last month, Orr stopped paying the city's unsecured creditors and would like to shave down $11.4 billion in claims to about $2 billion.
Orr said he hopes that by giving the creditors a first-hand experience of Detroit, it will create empathy and leverage negotiations, helping the city avoid filing the largest municipal bankruptcy in history.
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