Snyder: Some Detroit Creditors May Never Be Paid
DETROIT (AP) — Michigan Gov. Rick Snyder says he’s not sure if some of Detroit’s creditors will ever be paid.
Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr said Detroit had become the biggest ever U.S. city to file for bankruptcy.
Snyder determined earlier this year that the city was in a financial emergency and without a plan for improvement. The state hired bankruptcy expert Orr to stop Detroit’s fiscal free-fall.
Orr has said the city of about 700,000 people will continue to pay its bills and employees.
Copyright 2013 The Associated Press.