Michigan Gov. Rick Snyder and emergency manager Kevyn Orr are scheduled to speak at a joint press conference at 10 a.m. Friday in Detroit to discuss the filing.
Snyder said bankruptcy is the only way for the city to emerge from its crippling $18 billion debt.
“The simple fact is Detroit is in a financial crisis. The city is insolvent and has been borrowing money to pay its bills for nearly a decade. Bankruptcy is the only feasible option to fix the city’s financeshttps://images.intellitxt.com/ast/adTypes/lb_icon1.png” > and do what is right for the 700,000 people of Detroit,” Snyder said.
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