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Detroit on Cusp of New Era with Bankruptcy Announcement

Statement from Detroit Regional Chamber CEO on Judge Rhodes’ bankruptcy decision   

DETROIT, November 7, 2014: Today, Detroit Regional Chamber President and CEO Sandy K. Baruah issued the following statement on Judge Steven Rhodes’ decision regarding Detroit’s bankruptcy and plan of adjustment:

“Detroit is on the cusp of a new era and primed to reinvent itself in a way many people did not think possible. Exiting bankruptcy so effectively and thoughtfully has wiped out decades of mismanagement and created a historic opportunity to move the city without mortgaging its future. We should thank Judge Rhodes for his effort throughout. There is also no way to overstate the brilliance of Governor Snyder and Kevyn Orr throughout the bankruptcy process. It is one of the finest examples of leadership we’ve seen anywhere in quite some time.

As we celebrate today, it’s important to stress that this is only one step in the process. Bankruptcy did its job and balanced the books, but it’s not the end goal. Building on the progress already made under Mayor Duggan, and maintaining discipline with city finances and operations over the long-term is critical to building off this historic effort. Today is a great day, but a lot of hard work remains.”