From The Detroit News: Orr urges unions to reach agreement or risk funding toward pensions

The following excerpt was taken from The Detroit News. Read the full article here.

Ann Arbor— Detroit Emergency Manager Kevyn Orr on Tuesday amped up the pressure for a bankruptcy deal, warning unions that funds pledged toward pensions are at risk and proceeding with plans for a privately run water department.

Orr, speaking at the University of Michigan, urged the city’s unions to reach an agreement on bankruptcy terms soon or risk the loss of more than $800 million in funding to shore up pension funds.

Ten regional and national foundations have pledged $365 million toward pensions in exchange for shielding DIA art; the Detroit Institute of Arts has pledged to raise $100 million over two decades; and the state would provide $350 million.

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