In a Tuesday, Sept. 30, 2014 photo, Detroit emergency manager Kevyn Orr waves as he leaves the Levin Federal Court Building in Detroit after testifying in the Detroit bankruptcy trial. Orr also is expected to testify Wednesday in the trial overseen by federal Judge Steven Rhodes. Rhodes is to decide if Detroitâ€™s plan to remove $7 billion in debt is fair to creditors. (AP Photo/Detroit News, Charles V. Tines) DETROIT FREE PRESS OUT; HUFFINGTON POST OUT
In a Tuesday, Sept. 30, 2014 photo, investment banker and expert witness Ken Buckfire, center, leaves the Detroit Federal Courthouse with others after testifying in the Detroit bankruptcy hearing. (AP Photo/Detroit News,Todd McInturf) DETROIT FREE PRESS OUT; HUFFINGTON POST OUT
DETROIT — Emergency manager Kevyn Orr has taken the stand in Detroit's historic bankruptcy trial.
Orr is being questioned Wednesday afternoon by city lawyers in federal court in Detroit.
Judge Steven Rhodes is to decide whether Detroit's plan to remove $7 billion in debt is fair to creditors. Deals already have been reached with most creditors in the largest municipal bankruptcy in U.S. history.
Orr's debt restructuring plan sets aside more than $1 billion for improving city services. A centerpiece is an agreement where businesses, foundations and the state will donate more than $800 million to soften cuts to retiree pensions. The so-called "Grand Bargain" also would keep city-owned art from being sold to satisfy some debt.
Orr said last week that the trial could end before the end of October.
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