Detroit avoiding bankruptcy is the goal, Snyder says - New York News

Detroit avoiding bankruptcy is the goal, Snyder says

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Detroit skyline Detroit skyline
LANSING, Mich. (WJBK) -

If you were a betting person, the popular bet in Detroit these days is that Emergency Manager Kevyn Orr has the city on a direct path right into Chapter 9 bankruptcy.

Governor Rick Snyder will not join in that speculation, saying that Orr is doing his job. However, if you were making that bet, the governor has this advice.

"The goal is not to be in bankruptcy," Snyder said.

The governor was at a farm auction on Tuesday hoping that the assets of Detroit are not auctioned off as part of a deficit reduction plan now in the works.

As for those talks between creditors and Orr, the governor observed, "Any actions where Kevyn can come to agreement with creditors or action in terms of moving forward is a positive thing whether or not there's a bankruptcy. Again, the goal is not to be in bankruptcy. The goal is to get a resolution with creditors that allows Detroit to be successful."

There are some who believe it is Orr that has the final say on sending the city into Chapter 9, but the governor made it clear he has the final word.

"At some point, if he believes it's appropriate, he'll come and make a recommendation to me on whether or not I should approve doing a bankruptcy. He has not made that recommendation to me at this point in time," Snyder said.

There are all sorts of political ramifications of having Detroit in bankruptcy court in the midst of the governor's reelection campaign next year.

Responding to the comment "that would make you responsible for the bankruptcy of Detroit," the governor said, "I've never backed away from taking responsibility for my job."

He then shrugged his shoulders, seeming to say so be it, and if the trigger for bankruptcy has to be pulled, the governor will pull it.

In the second video, Leon Labreque from LJRP in Troy shares his insights on the possible effects of a Detroit bankruptcy and why it could end up impacting taxpayers in other Michigan cities.

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