Reuters: Bankruptcy News: Detroit emergency manager needed but not bankruptcy -Michigan Treasurer

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Detroit emergency manager needed but not bankruptcy -Michigan Treasurer Feb 19th 2013, 22:04 DETROIT | Tue Feb 19, 2013 5:04pm EST DETROIT Feb 19 (Reuters) - 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.

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