Michigan Gov. Snyder: Detroit ‘bankruptcy is a possibility,’ but not desired (Detroit Free Press)

December 7, 2012 – Gov. Rick Snyder said Thursday that Detroit’s fiscal meltdown led his staff to begin studying how Chapter 9 filings have worked in other states, but he considers municipal bankruptcy a last resort for a city that could solve its problems by leaders working together on serious reform. “Bankruptcy is a possibility,” he said in an interview the day after Treasurer Andy Dillon confirmed that the state would begin a 30-day deep dive into Detroit’s finances, a process that could result in the appointment of an emergency financial manager.

Link to Full Article: http://www.freep.com/article/20121207/NEWS01/312070146/1001/news

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