Snyder: Bankruptcy offers more certain path for Detroit creditor - New York News

Snyder: Bankruptcy offers more certain path for Detroit creditors

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  • Detroit BankruptcyMore>>

  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
DETROIT (AP) -

Michigan's governor says Detroit's bankruptcy should offer a more certain path for creditors who don't know how much -- or whether -- they'll be paid.

Rick Snyder declared today that the process offers the once-mighty Motor City a chance to stop "60 years of decline."

Emergency financial manager Kevyn Orr says Detroit will continue to pay its bills and employees as city and state leaders confront the challenge of rebuilding the city's broken budget.

Bankruptcy could mean laying off employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

Bankruptcy documents say two public employee pension systems are the top unsecured creditors.

  • Local NewsLocal NewsMore>>

  • Rapper Joe Budden arrested

    Rapper Joe Budden arrested

    Wednesday, August 27 2014 1:52 PM EDT2014-08-27 17:52:27 GMT

    Rapper Joe Budden was arrested by the NYPD on Wednesday in connection with the robbery of his ex-girlfriend's cell phone earlier this month. Police had been looking for the New Jersey resident since Aug. 18 after a heated argument with the woman inside his car in Washington Heights. After he was arrested on Wednesday, Budden apparently Tweeted several times from jail.

    Rapper Joe Budden was arrested by the NYPD on Wednesday in connection with the robbery of his ex-girlfriend's cell phone earlier this month. Police had been looking for the New Jersey resident since Aug. 18 after a heated argument with the woman inside his car in Washington Heights. After he was arrested on Wednesday, Budden apparently Tweeted several times from jail.

  • Soldier who killed herself at Va. Army base was from Yonkers

    Soldier who killed herself at Va. Army base was from Yonkers

    Wednesday, August 27 2014 1:28 PM EDT2014-08-27 17:28:56 GMT

    The Army has identified the soldier who barricaded herself in a building at a Virginia base and then fatally shot herself in the head.  Fort Lee officials on Wednesday say it was 33-year-old Sgt. 1st Class Paula M. Walker of Yonkers

    The Army has identified the soldier who barricaded herself in a building at a Virginia base and then fatally shot herself in the head.  Fort Lee officials on Wednesday say it was 33-year-old Sgt. 1st Class Paula M. Walker of Yonkers

  • Cuomo orders investigation into Time Warner outage

    Cuomo orders investigation into Time Warner outage

    Wednesday, August 27 2014 1:15 PM EDT2014-08-27 17:15:06 GMT
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. More than 11 million customers were affected.  Several hours later, NY Gov. Andrew Cuomo ordered an investigation into the outage. "I have directed the New York State Department of Public Service to investigate this outage as part of its review of Comcast's proposed merger with Time Warner," said Cuomo.
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. More than 11 million customers were affected.  Several hours later, NY Gov. Andrew Cuomo ordered an investigation into the outage. "I have directed the New York State Department of Public Service to investigate this outage as part of its review of Comcast's proposed merger with Time Warner," said Cuomo.
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