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STORY: Calling it the "opportunity to stop 60 years of decline", Michigan Governor Rick Snyder told a news conference Friday that Detroit's bankruptcy filing would put the beleaguered city on a "positive path." (SOUNDBITE) (English) MICHIGAN GOVERNOR RICK SNYDER SAYING: "Does anyone like the Detroit of five years ago, 10 years ago, 15 years ago? How long had this gone on and people had not stopped to say 'Stop kicking the can down the road and do something'?" Detroit filed the largest municipal bankruptcy in U.S. history on Thursday. The filing sets the stage for a costly court battle with creditors and opens a new chapter in the struggle to revive the city that was once the cradle of the American auto industry. The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt. (SOUNDBITE) (English) DETROIT EMERGENCY MANAGER KEVYN ORR SAYING: "In freeing up the cash flow, it allows us to focus on the key issue that the governor has reiterated again and again, the health, safety and welfare of 700,000 citizens in the city of Detroit." Detroit's creditors are expected to face huge losses, and the future of retiree pension and health benefits for thousands of city workers hangs in the balance. Detroit's legacy is at stake as well. Its crippled condition threatens to overwhelm its image as the home of Henry Ford's pioneering assembly line and Motown's 1960s soul-music hit machine. New York, Cleveland and Philadelphia have teetered on bankruptcy, but Detroit is the first major U.S. city to go over the edge.
July 16 - Michigan Governor Rick Snyder says Detroit's bankruptcy filing is an ''opportunity to stop 60 years of decline.'' Karen Hendren reports. ( Transcript )
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