DETROIT Feb 19 Michigan Treasurer Andy Dillon
said on Tuesday that he does not anticipate a municipal
bankruptcy filing for Detroit, despite its financial emergency.
"I do think we can navigate around this (a bankruptcy
filing)," said Dillon.
Speaking at a news conference to announce the findings of a
Detroit review team report, Dillon said the team believes the
city needs an emergency financial manager to spearhead necessary
reforms. He added that it will be up to Republican Governor Rick
Snyder to decide if a manager is right for Detroit.
The report by the six-member team asked to scour Detroit's
finances concluded the city is in dire fiscal shape, but stopped
short of recommending a manager to control its finances.
A manager could recommend a Chapter 9 bankruptcy filing for
Michigan's biggest city, although a panel of state officials
could block the move. Detroit would be the biggest municipal
bankruptcy ever in the United States.