Dec 10, 2014 11:56 AM
Governor: Detroit bankruptcy is over Wednesday
The Associated Press
DETROIT (AP) Michigan Gov. Rick Snyder says Detroit's bankruptcy is officially ending.
Snyder said during a news conference Wednesday that the nation's largest municipal bankruptcy will end at midnight. He thanked the city's emergency manager, Kevyn Orr, a bankruptcy expert hired by Snyder last year to take over Detroit's finances.
Orr announced Monday that his work was done. He said he'd implemented a two-year budget that eliminates $7 billion in debt.
Snyder and Orr, the attorney who handled Chrysler's bankruptcy, took Detroit into bankruptcy in July 2013. It was a last-ditch effort to overcome decades of population loss, a chronic loss of tax revenue and piles of debt that couldn't be managed.
Judge Steven Rhodes approved Orr's reorganization plan in November. He'll hold a hearing Monday to deal with loose ends.