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Statement From Detroit Regional Chamber CEO Sandy K. Baruah on Detroit’s Plan of Adjustment Released Today

DETROIT, February 21, 2014: Today, Detroit Regional Chamber President and CEO Sandy K. Baruah issued the following statement on the Detroit Plan of Adjustment:

“Detroit’s Plan of Adjustment provides a clear, workable and reasonable strategy to exit this historic bankruptcy. It is critical to understand that the reason the City is in bankruptcy is that the resources simply do not exist to pay the obligations that exist, including pensions, creditors and others. Any party to any bankruptcy proceeding that expects to emerge fully whole simply does not understand the painful reality of the situation. Finally, Mr. Orr’s Plan of Adjustment focuses on needed investments in the City that are necessary for future success. At the end of the day, positioning Detroit for growth and success is the reason for these unprecedented actions.”

About the Detroit Regional Chamber

Serving the business community for more than 100 years, the Detroit Regional Chamber is one of the oldest, largest and most respected chambers of commerce in the country. The Chamber’s mission of powering the economy for Southeast Michigan is carried out through economic development, education reform, regional collaboration and providing valuable benefits to members. For more information, please visit detroitchamber.com.

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