Michigan governor calls Detroit's bankruptcy filing a step toward a "positive path"
- 11 years ago
STORY: Calling it the "opportunity to stop 60 years of decline", Michigan Governor Rick Snyder told a news conference Friday that Detroit's bankruptcy filing would put the beleaguered city on a "positive path."
(SOUNDBITE) (English) MICHIGAN GOVERNOR RICK SNYDER SAYING:
"Does anyone like the Detroit of five years ago, 10 years ago, 15 years ago? How long had this gone on and people had not stopped to say 'Stop kicking the can down the road and do something'?"
Detroit filed the largest municipal bankruptcy in U.S. history on Thursday. The filing sets the stage for a costly court battle with creditors and opens a new chapter in the struggle to revive the city that was once the cradle of the American auto industry.
The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt.
(SOUNDBITE) (English) DETROIT EMERGENCY MANA
(SOUNDBITE) (English) MICHIGAN GOVERNOR RICK SNYDER SAYING:
"Does anyone like the Detroit of five years ago, 10 years ago, 15 years ago? How long had this gone on and people had not stopped to say 'Stop kicking the can down the road and do something'?"
Detroit filed the largest municipal bankruptcy in U.S. history on Thursday. The filing sets the stage for a costly court battle with creditors and opens a new chapter in the struggle to revive the city that was once the cradle of the American auto industry.
The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt.
(SOUNDBITE) (English) DETROIT EMERGENCY MANA