This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/world-us-canada-23381043
The article has changed 5 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Detroit to rebound 'stronger' after bankruptcy filing | Detroit to rebound 'stronger' after bankruptcy filing |
| (35 minutes later) | |
| Michigan Governor Rick Snyder has said Detroit may have hit rock bottom with its bankruptcy filing, but the move will reverse decades of decay. | Michigan Governor Rick Snyder has said Detroit may have hit rock bottom with its bankruptcy filing, but the move will reverse decades of decay. |
| The Republican said the city - once the birthplace of the US car industry, now groaning under $18bn (£12bn) of debt - deserves a fresh start. | The Republican said the city - once the birthplace of the US car industry, now groaning under $18bn (£12bn) of debt - deserves a fresh start. |
| Detroit has faced decades of problems linked to industrial decline. | |
| Public services are nearing collapse and about 70,000 properties lie abandoned. | Public services are nearing collapse and about 70,000 properties lie abandoned. |
| Gov Snyder said the city had filed for bankruptcy on Thursday because it was "basically broke". | Gov Snyder said the city had filed for bankruptcy on Thursday because it was "basically broke". |
| "We're the comeback state in Michigan, but to be a great state we need Detroit on the path to being a great city again," he told Friday's news conference. | "We're the comeback state in Michigan, but to be a great state we need Detroit on the path to being a great city again," he told Friday's news conference. |
| "Now is the opportunity to stop 60 years of decline," he added. | "Now is the opportunity to stop 60 years of decline," he added. |
| "We will come out with a stronger, better Detroit and a format to grow this city. The citizens of not just this city but the state deserve it." | "We will come out with a stronger, better Detroit and a format to grow this city. The citizens of not just this city but the state deserve it." |
| Gov Snyder was flanked by state-appointed emergency manager Kevyn Orr, who suggested last month that the city's long-term debt could be as high as $20bn. | Gov Snyder was flanked by state-appointed emergency manager Kevyn Orr, who suggested last month that the city's long-term debt could be as high as $20bn. |
| Mr Orr addressed concerns that art works at the Detroit Art Institute or other assets would be auctioned to pay creditors. | Mr Orr addressed concerns that art works at the Detroit Art Institute or other assets would be auctioned to pay creditors. |
| "Right now there's nothing for sale," he said. | "Right now there's nothing for sale," he said. |
| Mr Orr will be allowed to liquidate city assets to satisfy creditors and pensions, if the federal court bankruptcy filing is approved. | Mr Orr will be allowed to liquidate city assets to satisfy creditors and pensions, if the federal court bankruptcy filing is approved. |
| Detroit - known as Motor City for its once-thriving automobile industry - stopped unsecured-debt payments last month to keep the city running. | Detroit - known as Motor City for its once-thriving automobile industry - stopped unsecured-debt payments last month to keep the city running. |
| Mr Orr proposed a deal in June in which creditors would accept 10 cents for every dollar they were owed. The city is currently paying 38 cents on the dollar. | Mr Orr proposed a deal in June in which creditors would accept 10 cents for every dollar they were owed. The city is currently paying 38 cents on the dollar. |
| But two pension funds representing retired city workers resisted the plan. | But two pension funds representing retired city workers resisted the plan. |
| About $9bn of Detroit's debt is owed to the pension funds and retiree healthcare benefits of the city's 10,000 workers and 20,000 retirees. | About $9bn of Detroit's debt is owed to the pension funds and retiree healthcare benefits of the city's 10,000 workers and 20,000 retirees. |
| Ed McNeil, the lead negotiator for a coalition of 33 unions, told Reuters news agency the bankruptcy move was about "busting the unions". | |
| With tens of thousands of creditors, Detroit already faced a number of lawsuits even before it filed for bankruptcy. | With tens of thousands of creditors, Detroit already faced a number of lawsuits even before it filed for bankruptcy. |
| Experts predict the legal battle over its debts could drag on for years and cost tens of millions of dollars. | Experts predict the legal battle over its debts could drag on for years and cost tens of millions of dollars. |
| US car company General Motors said on Thursday it did not expect any impact on its operations. | US car company General Motors said on Thursday it did not expect any impact on its operations. |
| The White House said it was closely monitoring developments in the Michigan city. | The White House said it was closely monitoring developments in the Michigan city. |
| The city has struggled with its finances for some time, driven by a number of factors, including a steep population loss. | The city has struggled with its finances for some time, driven by a number of factors, including a steep population loss. |
| Just between 2000-10, the number of residents declined by 250,000 as people moved away. | Just between 2000-10, the number of residents declined by 250,000 as people moved away. |
| The murder rate is at a 40-year high and only one third of its ambulances were in service in early 2013. | The murder rate is at a 40-year high and only one third of its ambulances were in service in early 2013. |
| Police response times to 911 calls average 58 minutes, compared with 11 minutes nationally. | Police response times to 911 calls average 58 minutes, compared with 11 minutes nationally. |
| And Detroit's government has been hit by a string of corruption scandals over the years. | And Detroit's government has been hit by a string of corruption scandals over the years. |
| Detroit is only the latest US city to file for bankruptcy in recent years. | Detroit is only the latest US city to file for bankruptcy in recent years. |
| In 2012, three smaller California cities - Stockton, Mammoth Lakes and San Bernardino - took the step. | In 2012, three smaller California cities - Stockton, Mammoth Lakes and San Bernardino - took the step. |
| Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. | Send your pictures and videos to yourpics@bbc.co.uk or text them to 61124 (UK) or +44 7624 800 100 (International). If you have a large file you can upload here. |
| Read the terms and conditions | Read the terms and conditions |