Connect to share and comment

Mich. Gov. Snyder says lawsuits filed against him, emergency manager led to bankruptcy filing

DETROIT - Michigan Gov. Rick Snyder testified Monday that lawsuits filed against him, the Detroit emergency manager and others by city debtholders proved to be the final straw that led him to authorize the city to file for bankruptcy. Snyder said the filing wasn't an attempt to forestall court-imposed injunctions that could result from the lawsuits. But he said he was concerned that the lawsuits from state retirees and others showed that there "wasn't a meeting of the minds" and that the city needed to protect itself as it struggled to pay bills.

Michigan governor at front, centre of Detroit's bankruptcy no stranger to tough decisions

DETROIT - Seven governors came and went during the decades-long decay of Michigan's largest city that culminated with a humiliating collapse into financial ruin. It's the eighth, former business executive and relative political novice Rick Snyder, who is aggressively tying his legacy to the prospects of a Detroit turnaround.

UPDATE 3-Michigan governor clears way for state takeover of Detroit

By Steve Neavling DETROIT, March 1 (Reuters) - Michigan Governor Rick Snyder cleared the way for a state takeover of Detroit, declaring that the birthplace of the U.S. automotive industry faces a fiscal emergency and that he has identified a top candidate to assume its management. Friday's declaration by the Republican governor virtually assures that the state of Michigan will assume control of Detroit's books, and eventually decide whether the city should file the largest municipal bankruptcy in U.S. history.
Syndicate content