Detroit emerges from bankruptcy; Emergency manager resigns

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detroit bankruptcy

DETROIT, Mich. — The city of Detroit will officially emerge from Chapter 9 bankruptcy Wednesday.

According to WJBK, Emergency Manager Kevyn Orr handed in his resignation Tuesday, giving full control back to Mayor Mike Duggan.

In a letter to the city, Orr said Detroit will eliminate $7 billion of debt and reinvest more than $1 billion in city services in the next decade.

Gov. Rick Snyder appointed Orr as emergency manager in March 2013.   According to the Detroit Free Press, the Duggan and the city council will need to report to a state oversight board called the Financial Review Commission.

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