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Detroit set to exit bankruptcy

  • Once it symbolized America’s industrial strength, but in July last year Detroit declared itself bankrupt with a crushing debt burden of $18 billion. Now, in another milestone, the US city is officially exiting bankruptcy.

    Detroit's emergency manager Kevyn Orr has told Michigan’s governor Rick Snyder in a letter that the city’s financial crisis was “rectified”.

    Orr has resigned from the post. He said more work needed to be done and urged the city to take “advantage of this unique opportunity to shed the problems of the past.”  

     

    Tagged as: Detroit, bankrupt, debt, Kevyn Orr, Michigan governor, Rick Snyder, business news