Kevyn Orr: Detroit's financial emergency over
DETROIT (AP) - Detroit's emergency manager says the city no longer will be in a financial emergency when it officially exits bankruptcy.
That means Kevyn Orr's job will be done once the bankruptcy court approves the exit. He's recommending that he relinquish his position as emergency manager.
Orr tells Gov. Rick Snyder in a letter dated Monday that he has implemented the city's two-year budget that reflects the elimination of about $7 billion in debt through the largest municipal bankruptcy in U.S. history.
Snyder says in a letter Tuesday that he agrees with Orr's determination.
A hearing is scheduled Monday to determine Detroit's bankruptcy exit date.
Orr was hired by the state in March 2013 and given control of Detroit's finances. He made Detroit the largest U.S. city to file for bankruptcy in July 2013.
Control was returned in September to the mayor and City Council when Orr's 18-month contract ended. He remained onboard to oversee the conclusion of Detroit's bankruptcy.