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CNN Talks about what is next for the city of Detroit
NEW YORK (CNNMoney) The day after Detroit became the largest municipal bankruptcy in history "should be a regular day," according to Michigan Gov. Rick Snyder. Snyder, the man who authorized the filing, said city services should not immediately be affected.
"I know many will see this as a low point for in the city's history," he said. "If anything, this gets us on the path towards improved services."
Emergency Manager Kevyn Orr's reorganization plan says the city cannot afford the $11.5 billion of pension benefits, retiree healthcare coverage and unsecured debt promised to the city's unions and the investors holding its debt. It proposes cutting those liabilities by 83% as a way of investing in improved services.
The unions have vowed to fight the cuts in court and with protests. But so far they haven't threatened a strike or some other job action.
"Detroit's Fire Fighters will continue to protect and serve during this difficult time, regardless of the economic challenges. You can count on us," said the Detroit Fire Fighters Association Thursday evening.
Michael Sweet, a California bankruptcy attorney with expertise in municipal bankruptcies, said residents might not see immediate changes in city services.
"At worst it should be minimal interruptions," he ... more

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