LIVE At 10 A.M.: Snyder, Orr Outline Detroit Bankruptcy
DETROIT (CBS Detroit) It’s a historic day for the city of Detroit, which after decades of decline filed the largest municipal bankruptcy case in history late Thursday.
Governor Rick Snyder and emergency manager Kevyn Orr are expected to speak, outlining why the city was unable to reach deals with its creditors — who hold $18 billion in Detroit debt. The pair are expected to outline what happens next.
According to the Associated Press, Detroit’s budget deficit this year alone is estimated at $380 million, and Orr chose bankruptcy over diverting money from police, fire and other services to make debt payments.