DETROIT - Detroit Emergency Manager Kevyn Orr had planned on touring 25 creditors around Detroit’s most devastated neighborhoods on Wednesday, July 10, to show them the City’s struggle.  However, the tour was cancelled, because the creditors wanted to avoid media exposure.

Orr is hoping that creditors will accept a fraction of the $11.4 billion that the City owes them. The restructuring of Detroit’s finances could result in a municipal bankruptcy for the City, which would be the largest in U.S. history.  However, pursuing bankruptcy could cost Detroit $100 million in legal fees.

Orr is a financial expert, who was hired by the State in March to fix Detroit’s finances. This year, the City ran a $380 million deficit. The crisis has forced Orr to sell some of the City’s assets, like artwork from the Detroit institute of Art and exotic animals from the Detroit Zoo, so as to help pay off creditors.