7.18.2013

DETROIT: LARGEST CITY TO FILE FOR BANKRUPTCY IN US HISTORY


Detroit Emergency Manager Kevyn Orr announced that the city has reached key settlements with creditors as the city tries to relieve itself of billions in debt.

Snyder signed off on the filing in a letter attached to court documents filed Thursday in U.S. Bankruptcy Court in the Eastern District of Michigan. A spokeswoman for Snyder did not immediately return telephone calls Thursday.

"It is clear that the financial emergency in Detroit cannot be successfully addressed outside of such a filing, and it is the only reasonable alternative that is available," Snyder said in the letter granting his state-required approval. "In other words, the City's financial emergency cannot be satisfactorily rectified in a reasonable period of time absent this filing."

Snyder continued: "I have reached the conclusion that this step is necessary after a thorough review of all the available alternatives, and I authorize this necessary step as a last resort to return this great City to financial and civic health for its residents and taxpayers. This decision comes in the wake of 60 years of decline for the city, a period in which reality was often ignored." FULL STORY HERE

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