Detroit EM tries to sell bailout to lawmakers


Stack of Money
Governor Rick Snyder says he thinks there’s progress in negotiations with the Legislature to put 350 million dollars of state money toward Detroit’s bankruptcy settlement. Detroit’s emergency manager just spent two days in Lansing in an effort to build support for the deal.

That money from the state would help fund pensions and ensure the assets of the Detroit Institute of Arts don’t get put up or auction.

The governor says now he’s pushing for lawmakers to vote on a bailout package in May or early June.

“The goal is to get it done before there’s a recess for the summer.”

Snyder says the bargain has to include an end to legal challenges to the bankruptcy. He would also like an oversight panel to help manage the city’s finances post-bankruptcy. He says that should also help reassure reluctant legislators.