DETROIT Breaking News: Detroit Bankruptcy May Alter Distressed U.S. City Behavior

Wochit 1:03 mins

Moody's Investors Service said Detroit's filing for bankruptcy protection is "profoundly meaningful" for the small number of local governments in the United States that are below investment grade, and could change their approach to pensions and other long-term liabilities. Heidi Ewing, filming her documentary about Detroit, found desperate people living on the margins, but also folks who are trying to make the city as vibrant as people say it used to be. Detroit's emergency manager Kevyn Orr took Detroit into Chapter 9 bankruptcy last week with the blessing of Gov. Rick Snyder. Orr says he's hearing a lot of "vitriol" but not many counter proposals on how to get the city out of debt. Orr said of creditors, unions and other critics, "Instead of engaging in a war of words, even if you have to do that for public consumption, come to me confidentially with a counter-proposal. I haven't heard that,"

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