Snyder: Some Detroit Creditors May Never Be Paid

In this July 17, 2013, aerial photo is the city of Detroit. On Thursday, July 18, 2013, Detroit became the largest city in U.S. history to file for bankruptcy when State-appointed emergency manager Kevyn Orr asked a federal judge for municipal bankruptcy protection. (AP Photo/Paul Sancya)
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DETROIT (AP) -- Michigan Gov. Rick Snyder says some Detroit creditors are not sure they will be repaid.

Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr made Detroit the biggest ever U.S. city to file for bankruptcy.

Snyder determined earlier this year that the city was in a financial emergency and without a plan for improvement. The state hired bankruptcy expert Orr to stop Detroit's fiscal free-fall.

Orr has said the city of about 700,000 people will continue to pay its bills and employees.




 
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