Tag Archives: Bankruptcy

Snyder signs Detroit rescue package, stresses city’s recovery

file8831282848632Governor Rick Snyder has signed the legislation that authorizes the state’s $195 million contribution to the Detroit bankruptcy settlement. The governor says the settlement is a good deal for taxpayers because it sets the stage for the city’s comeback.
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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.

Snyder to testify in Detroit bankruptcy hearing

Michigan Gov. Rick Snyder

Michigan Gov. Rick Snyder

Gov. Rick Snyder will take the stand this afternoon as part of a hearing on Detroit’s bankruptcy filing. Attorneys for city employee unions intend to question the governor about the decision to allow the bankruptcy

Snyder was also questioned earlier this month as part of a deposition. The governor agreed to waive his executive privilege to testify.
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