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DETROIT – Detroit Mayor Dave Bing made the following statement today regarding the City of Detroit’s filing for municipal bankruptcy under Chapter 9 of the U.S. Bankruptcy Code:
“Today’s bankruptcy filing is an unfortunate event in our City’s history. While it has never been my desire that the City file for bankruptcy, I understand why Kevyn found it necessary to do so. I said when I entered office four years ago that our City was in a financial crisis. I also said we cannot simply cut our way out of this situation.
“This action will hopefully be the foundation for the fiscal turn-around of our City. Our citizens have suffered long enough and deserve better. I want to say to the people of Detroit that although we are moving into uncharted waters, Detroit has a history of fighting back during tough times. Hopefully, this is the beginning of a better path forward for our City and our people.”