DETROIT (AP) -- Michigan Gov. Rick Snyder says bankruptcy is the only "viable option" if Detroit wants to prosper.
Snyder agreed with Detroit emergency manager Kevyn Orr and authorized the filing Thursday. Snyder and Orr will talk to reporters Friday at 10 a.m.
The filing means billions in debt will be resolved under the eye of a bankruptcy judge. Detroit has more than $18 billion in debt and other liabilities and doesn't take in enough revenue to cover them.
Snyder says Detroit is insolvent and has been borrowing money to pay bills for nearly a decade. The governor says Michigan needs its largest city to be healthy.