Motor City Poised to Edge Out of Bankruptcy

10 Dec , 2014

Today, the city of Detroit will begin the process of paying off its creditors, as it exits the largest civic bankruptcy in US history, officially!

The world’s traditional automotive centre, home of the sixties soul movement Motown, and once a symbol of US industrial power, Detroit declared itself broke in July 2013, with $18bn (£11bn) worth of debt.

In a letter to Michigan governor Rick Snyder, the city's emergency manager, Kevyn Orr, said Detroit's financial crisis had been "rectified". Mr. Orr, who resigned from his post, said the city was "poised to grow".

He said ending the bankruptcy proceedings was a "milestone", but cautioned that more work remained.

In a letter approving Mr. Orr's determination that Detroit should be removed from receivership, Mr. Snyder said he agreed that unlike 16 months ago, the city can now meet the basic needs of its citizens.

A news conference is scheduled for 11:00 EST on Wednesday (11:00 PM in HCMC) in Detroit to discuss further details of the city's exit.

Can motor city regain its status as an "emblem of can do" once again? I hope so, and I hope we get another soul filled soundtrack to go with it!