Gov. Rick Snyder: Detroit's bankruptcy resolution is the result of cooperation, compromise and a shared vision
Michiganders pulled together to help state’s largest city grow stronger
Friday, Nov. 7, 2014
LANSING, Mich. – Gov. Rick Snyder today issued the following statement regarding U.S. Bankruptcy Judge Steven Rhodes’ decision to confirm Detroit’s Plan of Adjustment.
“People will long remember that when Detroit arrived at this troubling hour, its residents and leaders – with supporters statewide – started to pull together as one. Our state has rallied around its largest and iconic city. It is no longer Detroit vs. Michigan, but the embracing of Detroit, Michigan.
“This day marks the end of the nation’s largest municipal bankruptcy, resolved quickly and successfully as a result of cooperation, compromise and a shared vision from many parties. And it offers hope to hundreds of thousands of residents who call Detroit home.
“This difficult process inspired an unprecedented ‘Grand Bargain,’ where our philanthropic and business communities joined with lawmakers from both parties to lessen the impact on pensions and extend vital services. And we deeply appreciate the sacrifices from retirees who have agreed to take less to help their fellow Detroiters and Michiganders.
“Much work remains, but we are resolved to continue moving forward collaboratively. Our goal is to restore the vitality of this great city from downtown through the neighborhoods, with the quality of life that Detroit’s families deserve. We won’t settle for anything less.
“Detroit’s journey is far from over. But there is no mistaking that Michigan’s largest city is stronger. Its brightest days are to come.”