January 31, 2014
Friday, Jan. 31
LANSING, Mich. -- Gov. Rick Snyder issued the following statement on the announcement from Detroit Emergency Manager Kevyn Orr regarding the submission to creditors of a draft plan of adjustment that is part of the federal mediation process relating to the city’s restructuring under Chapter 9 of the U.S. Bankruptcy Code and the statement from the mediators concerning a settlement-in-principle on health insurance and other post-employment benefits for Detroit’s retirees. Bound by the confidentiality of the mediation process, the state is unable to discuss details of the proposal.
“Detroit’s comeback is well underway. Now, the community is coming together to work on solutions so the city’s government is on solid ground financially and can better provide needed services to its residents.
“The draft plan submitted to creditors as part of the bankruptcy mediation process by Emergency Manager Kevyn Orr is a call to action and a call for collaboration.
“As recently as this morning, we are seeing progress regarding health insurance and other post-employment benefits. Detroit’s long term viability is essential for its 700,000 residents, who are seeing improvements to their services and quality of life. We are making progress, and there is more to do. Together, we are fixing problems that have been 60 years in the making.
“We know that it is critical for the city’s restoration that these proceedings move forward. There will be difficult decisions ahead for all sides. But all of Michigan will benefit from having our largest city set on firm financial footing.”
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