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Gov. Snyder: Plan will serve as blueprint directing Detroit to financial stability
February 21, 2014
Friday, Feb. 21, 2014
Focus is on minimizing impact on pensioners, restoring services, creating path for long-term growth
LANSING, Mich. -- Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by Detroit Emergency Manager Kevyn Orr that is part of the city’s restructuring under Chapter 9 of the U.S. Bankruptcy Code.
“Detroit’s comeback is underway. Emergency Manager Kevyn Orr has submitted a thoughtful, comprehensive blueprint directing the city back to solid financial ground, a crucial step toward a fully revitalized Detroit. There will be difficult decisions and challenges for all sides as this process moves forward.
“The state’s focus is on protecting and minimizing the impact on retirees, especially those on fixed, limited incomes, restoring and improving essential services for all 700,000 Detroit residents and building a foundation for the city’s long-term financial stability and economic growth.
“This plan of adjustment is a critical step forward as we look to resolve problems decades in the making.
“Let’s use this plan as a call to action for a voluntary settlement as part of the mediation process to resolve the bankruptcy more quickly and soften the tough but necessary changes. We already have witnessed some strong collaboration around innovative ideas. We hope there can be more and that these efforts come to fruition.
“Detroit’s long-term viability is not just essential for its residents -- but to all Michiganders.”