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Published: Friday, 7/19/2013

Snyder: Some Detroit creditors may never be paid

ASSOCIATED PRESS

DETROIT — Michigan Gov. Rick Snyder says some Detroit creditors are not sure they will be repaid.

Snyder was speaking Friday, a day after Emergency Financial Manager Kevyn Orr made Detroit 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.



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