WASHINGTON
The city of Detroit will exit from bankruptcy it entered last year, the White House said Wednesday.
“We certainly are pleased that they appear to be nearing the end of this bankruptcy period but there is significant work that remains to be done,” said White House press secretary Josh Earnest. “The administration will continue to work closely with officials in Michigan and officials in the city of Detroit.”
Michigan Gov. Rick Snyder also said Wednesday that paperwork was expected to be approved later in the day that would officially end the city’s bankruptcy at 12:01 a.m. Thursday.
Once a symbol of U.S. industrial power, Detroit filed for bankruptcy last summer, citing $18.5 billion in debt and long-term obligations, which made it largest city in the country’s history to file for bankruptcy protection.
Detroit was issued state-backed bonds to meet payroll for its nearly 10,000 employees in recent months.
The city’s population has decreased by 28 percent since 2000 and 78,000 buildings have been abandoned.
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