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December 15, 2014

Elected Government Restored as Detroit Officially Exits Bankruptcy 
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Detroit has formally exited bankruptcy after 17 months. A recently
approved debt adjustment plan kicked in last week, allowing the city to
restructure finances, shed around $7 billion in debt and partially
restore vital services. The plan was approved after city workers agreed
to accept significant cuts to their pensions and benefits. Detroit's
emergency city manager, Kevyn Orr, welcomed the bankruptcy exit.

Kevyn Orr: "We are thankful that at this point the city will emerge
later today, by the time I go to bed, from bankruptcy. We will exit. And
we look forward, truly, to a better time for the city going forward."

With Detroit no longer in bankruptcy, Orr returns formal authority to
the mayor and the city council, whose power he has overrode for well
over a year. Detroit's finances will remain under strict state
oversight.

 

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