The nation’s largest municipal bankruptcy ended yesterday, officials said, marking a turning point for a former industrial powerhouse that has struggled for decades with population loss, blighted property, high crime and poor city services, the Wall Street Journal reported today. After almost 21 months in office, Detroit Emergency Manager Kevyn Orr, who steered Detroit into a chapter 9 filing in July 2013, resigned on Tuesday saying that his job to restructure debt and help the city balance its books for the future had been accomplished. “It’s important for me to step back and return the city to the regular order,” Orr said yesterday. He said he would file legal paperwork by day’s end to usher the city out of bankruptcy court, save a few loose ends including mediation over professional fees from lawyers and consultants charged to the city. His legal team filed the order just before 3 p.m. The judge in the case is scheduled to hold a status hearing in the case on Monday to address any lingering legal issues.
