[Nyah]

Orr (Emergency Manager Kevyn Orr, appointed by Michigan Gov. Rick Snyder to oversee the city's finances) already halted payments on about $2 billion in debt last month, saying the city needed to preserve its dwindling supply of cash. His reorganization plan calls for cutting $11.5 billion in unsecured debt -- including pensions, health care funds and loans not backed by assets -- down to $2 billion. That would mean that investors and retirees would receive an average of just 17% of what they are owed. Specific plans for the cuts are unknown at this time.

That's from CNN. Yikes.