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Special Edition: Business Leaders Address Bankruptcy with Media at Chamber

Business Leaders: City Will Emerge Stronger After Difficult Bankruptcy Process

As Detroit’s bankruptcy made headlines around the nation and world, regional business leaders gathered with media at the Detroit Regional Chamber to answer questions on how bankruptcy will ultimately help address the city’s financial issues and move Detroit forward.

“Bankruptcy is the bold step needed to finally address Detroit’s financial problems in a meaningful and sustainable way. While nobody welcomes the concept of bankruptcy, it is necessary to solve the long-term structural financial challenges of this historic city,” said Chamber CEO and President Sandy K. Baruah, in a statement issued in response to the city’s filing of Chapter 9 bankruptcy yesterday.

“This decision puts the city on a path to achieve its most essential function – providing Detroiters the services they deserve – and sets the stage for a growing, vibrant Detroit. The private sector is thriving and businesses continue to invest in Detroit. Addressing Detroit’s financial instability is the final barrier to robust growth,” he added.

Larry Alexander, President and CEO of the Detroit Convention and Visitors Bureau, also addressed the media.

“Detroit has become a tale of two cities in the national stage. On the one hand, it is indisputable that Detroit faces challenges on a number of fronts. On the other hand, a rapid transformation is underway led by the private sector that is breathing life back into the city. The meetings, conventions and tourism industry is prospering because of this transformation. In the coming days, we need to let the world know that Detroit is open for business and thriving,” Alexander said.

Business leaders joining Baruah and Alexander included:
  • Mike Bernard, Board Member, Dykema Gossett
  • Brian Holdwick, Executive Vice President, Detroit Economic Growth Corporation
  • Ryan Hoyle, Director, Global Recruiting, GalaxE.Solutions
  • Dan Ponder, CEO, Franco Public Relations Group
  • Joe Welch, Chairman, President and CEO, ITC Holdings Corp.

The 30-minute program included a question-and-answer session. Check out additional media coverage here. To see Governor Rick Snyder discuss his decision, click here.