Snyder: Bankruptcy offers more certain path for Detroit creditor - FOX 13 News

Snyder: Bankruptcy offers more certain path for Detroit creditors

Posted: Updated:
  • Detroit BankruptcyMore>>

  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
  • $350 million on the table for Detroit, judge needed to approve Barclay's loan

    $350 million on the table for Detroit, judge needed to approve Barclay's loan

    Wednesday, November 6 2013 3:03 PM EST2013-11-06 20:03:18 GMT
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.
DETROIT (AP) -

Michigan's governor says Detroit's bankruptcy should offer a more certain path for creditors who don't know how much -- or whether -- they'll be paid.

Rick Snyder declared today that the process offers the once-mighty Motor City a chance to stop "60 years of decline."

Emergency financial manager Kevyn Orr says Detroit will continue to pay its bills and employees as city and state leaders confront the challenge of rebuilding the city's broken budget.

Bankruptcy could mean laying off employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

Bankruptcy documents say two public employee pension systems are the top unsecured creditors.

Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices