Few Detroiters think the largest municipal bankruptcy in U.S. history is great news.
But plenty see it as an opportunity. Many Detroit businesses hope the bankruptcy will mean more stability and certainty, in a city that has had little of either in recent years.
Sandy Baruah, head of the Detroit Regional Chamber, says the bankruptcy filing did not come as a surprise to him. And it shouldn't surprise anybody else.
"Detroit is not unique," Baruah says. "Great American cities like New York, Pittsburgh have all gone through some form of bankruptcy/receivership, and all of those cities look back on the time as kind of the defining point that put their cities on a much more sustainable path. All three of those cities are now vibrant, urban centers."
The Two-Way
Michigan AG Appeals Court Order Blocking Detroit Bankruptcy