DETROIT (AP) — Emergency manager Kevyn Orr says a plan to take Detroit out of bankruptcy won't be ready this month.
Orr had promised a plan by January, but negotiations between the city and creditors have changed the timetable. The Detroit News (http://bit.ly/19LMFmS ) says he describes the talks as "robust" and says he hopes they wrap up by mid-February.
Orr spoke Tuesday to an advisory board that is monitoring Detroit's finances.
A judge last week turned down a $165 million settlement that would have released the city from a disastrous deal with banks. Judge Steven Rhodes says it was too generous for banks.
Orr says he'll soon decide whether to sue the banks as a way to reach a compromise. Orr's team has suggested that the deal hatched years ago was illegal.