Detroit's chief financial officer said yesterday future once it exits the biggest municipal bankruptcy in U.S. history will depend on oversight, Reuters reported yesterday. "I believe the post-bankruptcy structure is absolutely critical and that right now is a big question mark," John Hill said yesetrday. Bankruptcy Judge Steven Rhodes, who is overseeing Detroit's case, recently raised the idea of a court-appointed monitor. Michigan Governor Rick Snyder (R) has mentioned the possibility of a control board similar to one used for New York City's fiscal crisis in the 1970s. While Kevyn Orr, the city's state-appointed emergency manager who took Detroit to bankruptcy court, is expected to leave his position in September, Hill said that the state has the option of replacing him if necessary.
For further analysis on the Detroit chapter 9 filing and to hear a keynote speech by Detroit Emergency Manager Kevyn Orr, make sure to attend ABI's Annual Spring Meeting in Washington, D.C. starting today! Not able to attend? Orr's keynote speech on Friday will also be live-streamed on the ABI website: http://www.abiworld.org//AM/Template.cfm?Section=Home.