The city of Detroit was allowed to exit bankruptcy today, following a ruling by U.S. Judge Steven Rhodes. The ruling comes 16 months after the city’s historic bankruptcy filing and the largest in the county, and allows Detroit to shed billions in debt and move forward with restructuring of Michigan’s largest city.
“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,” says Gov. Rick Snyder. “Our state has rallied around its largest and iconic city. It is no longer Detroit vs. Michigan, but the embracing of Detroit, Michigan.”
The approved plan of adjustment calls for the creation of a Financial Advisory Board for Detroit to ensure financial accountability for the city, says Kevyn Orr, the city’s emergency manager. The board, the membership, and its bylaws will be determined at a later date.
“By listening and solving issues creatively, we have turned even the most ardent objectors into supporters of and, in some instances, partners in the city’s ongoing revitalization,” Orr says. “While today marks an incredible accomplishment, there is still much work to be done, and my team and I remain focused on seeing our job through to its completion.”
To watch a live stream of commentary from Judge Gerald Rosen, Snyder, Detroit Mayor Mike Duggan, Orr, and a representative from the Detroit City Council, refer to the video player below at 3 p.m. or click here.
Editor’s Note: This article will be updated throughout the day.