Snyder: Bankruptcy offers more certain path for Detroit creditor - FOX 10 News | myfoxphoenix.com

Snyder: Bankruptcy offers more certain path for Detroit creditors

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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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    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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  • Michigan girl mauled by racoon receives wave of support

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    Tuesday, July 29 2014 5:28 PM EDT2014-07-29 21:28:50 GMT
    She told us all she wanted was to wear earrings -- and now she's got a lot of options. We'll show you how Charlotte is healing after surgery to replace her ear... and how you've made a difference. Her story includes a tragic accident, but also a tremendous outpouring of support. The 12-year-old girl from western Michigan who was attacked by a raccoon, shows us how the generosity of others is helping her heal. "This is all the jewelry people sent me," she said. Dozens of pairs of earrings and ...
    She told us all she wanted was to wear earrings -- and now she's got a lot of options. We'll show you how Charlotte is healing after surgery to replace her ear... and how you've made a difference. Her story includes a tragic accident, but also a tremendous outpouring of support. The 12-year-old girl from western Michigan who was attacked by a raccoon, shows us how the generosity of others is helping her heal. "This is all the jewelry people sent me," she said. Dozens of pairs of earrings and ...
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