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Statement from Detroit Regional Chamber CEO on Bankruptcy

DETROIT, July 18, 2013: Today, Detroit Regional Chamber President and CEO Sandy K. Baruah issued the following statement on the city of Detroit’s filing for Chapter 9 bankruptcy.

“Bankruptcy is the bold step needed to finally address Detroit’s financial problems in a meaningful and sustainable way. While nobody welcomes the concept of bankruptcy, it is necessary to solve the long-term structural financial challenges of this historic city. This decision puts the city on a path to achieve its most essential function – providing Detroiters the services they deserve – and sets the stage for a growing, vibrant Detroit. The private sector is thriving and businesses continue to invest in Detroit. Addressing Detroit’s financial instability is the final barrier to robust growth.”