Snyder: Bankruptcy offers more certain path for Detroit creditor - Fox 2 News Headlines

Snyder: Bankruptcy offers more certain path for Detroit creditors

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    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
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    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
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    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.
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.

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  • Mark Schauer says he will not sign the 'no tax pledge'

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    Tuesday, July 29 2014 7:13 PM EDT2014-07-29 23:13:01 GMT
    The Democratic candidate for governor Mark Schauer says he will not sign the no tax pledge, and says he probably would have sent Detroit in bankruptcy if he had been governor. 
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  • Three arrested after military reservist killed during carjacking

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    Tuesday, July 29 2014 7:01 PM EDT2014-07-29 23:01:39 GMT
    A third suspect is under arrest in the carjacking and murder of a young man outside the Superland Market at Schoolcraft Road and Rutland Street Monday night.
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  • Duggan bringing big changes to Detroit water department, starting with shutoffs

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    Tuesday, July 29 2014 5:56 PM EDT2014-07-29 21:56:25 GMT
    Detroit Mayor Mike Duggan is promising big changes at the water department, starting with the controversial shutoffs."Certainly it has hurt the reputation of the city," Duggan said. "I have been anxious to do something about it for awhile and I am just glad I have a chance to do it,"Emergency Manager Kevyn Orr handed over the water department to the mayor and City Council TuesdayDuggan says better publicizing assitance programs is the biggest priority."I still don't think the people in need h...
    Detroit Mayor Mike Duggan is promising big changes at the water department, starting with the controversial shutoffs."Certainly it has hurt the reputation of the city," Duggan said. "I have been anxious to do something about it for awhile and I am just glad I have a chance to do it,"Emergency Manager Kevyn Orr handed over the water department to the mayor and City Council TuesdayDuggan says better publicizing assitance programs is the biggest priority."I still don't think the people in need h...
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