Reaction to approval of Detroit bankruptcy plan

DETROIT (AP) - Reaction to Friday’s approval by Judge Steven Rhodes of Detroit’s plan to get out of bankruptcy:

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“This day marks the end of the nation’s largest municipal bankruptcy, resolved quickly and successfully as a result of cooperation, compromise and a shared vision from many parties. And it offers hope to hundreds of thousands of residents who call Detroit home.” - Michigan Gov. Rick Snyder.

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“Detroit’s recovery began just over 20 months ago with multiple adversarial parties approaching the process from very different perspectives. By listening and solving issues creatively, we have turned even the most ardent objectors into supporters of and, in some instances, partners in the City’s ongoing revitalization. While today marks an incredible accomplishment, there is still much work to be done, and my team and I remain focused on seeing our job through to its completion.” - Emergency Manager Kevyn Orr.

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“Judge Rhodes’ decision is historic and a validation for everyone who has been committed to Detroit. Working together, we can transform the city and you can see clear progress in the restoration of downtown, the entrepreneurs who are flocking here, the massive building projects getting underway and the work being done to improve education, neighborhoods and city services.” - General Motors CEO Mary Barra.

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“The consummation of the Grand Bargain as part of the City’s emergence from bankruptcy ensures that there are good days ahead for our city, our region and arts and culture in the century to come.” - Alan S. Schwartz and Joshua Opperer, general counsel to the Detroit Institute of Art.

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“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.” - Detroit Regional Chamber President and CEO Sandy K. Baruah.

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“Throughout the bankruptcy, we defended the pensions of cops and firefighters who laid their lives on the line for us, protected DIA art for the People of Michigan, and upheld the Michigan Constitution. Detroit and Michigan are stronger and safer.” - Michigan Attorney General Bill Schuette.

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“We are committed to developing a strong partnership with the City as we work together to revitalize Detroit. Under our plan, unused and abandoned property would ultimately become a vibrant, tax-generating asset to the City. Syncora is proud to have the opportunity to be part of the City’s resurgence going forward.” - Claude L. LeBlanc, chief financial officer for bond insurer Syncora, which was a major Detroit creditor.

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“I congratulate all of the participants who labored long and hard these past few months to achieve this result. Most of all I congratulate the city employees and retirees who played a most critical role in this bankruptcy proceeding.” - Oakland County Executive L. Brooks Patterson.

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