Tags: US | Detroit | Bankruptcy | Snyder

Snyder: Some Detroit Creditors May Never be Paid

Friday, 19 Jul 2013 10:25 AM

 

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Michigan Gov. Rick Snyder says he's not sure if some of Detroit's creditors will ever be paid.

Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr said Detroit had become 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.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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