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12-10-2014, 01:02 PM #1
Governor: Detroit Bankruptcy Is Over
Governor: Detroit Bankruptcy Is Over Wednesday
DETROIT Dec 10, 2014, 11:55 AM ET
By COREY WILLIAMS Associated Press
Michigan Gov. Rick Snyder says Detroit's bankruptcy is officially ending.
Snyder said during a news conference Wednesday that the nation's largest municipal bankruptcy will end at midnight. He thanked the city's emergency manager, Kevyn Orr, a bankruptcy expert hired by Snyder last year to take over Detroit's finances.
Orr announced Monday that his work was done. He said he'd implemented a two-year budget that eliminates $7 billion in debt.
Snyder and Orr, the attorney who handled Chrysler's bankruptcy, took Detroit into bankruptcy in July 2013. It was a last-ditch effort to overcome decades of population loss, a chronic loss of tax revenue and piles of debt that couldn't be managed.
Judge Steven Rhodes approved Orr's reorganization plan in November. He'll hold a hearing Monday to deal with loose ends.
http://abcnews.go.com/US/wireStory/g...esday-27501850
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12-10-2014, 01:09 PM #2
RELATED
http://www.alipac.us/f9/detroit-bank...tirees-283839/
7/18/2013NO AMNESTY
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