Oakland County Executive L. Brooks Patterson issued the following statement about Detroit’s bankruptcy eligibility ruling:
“The declaration of Detroit’s eligibility to file bankruptcy was a foregone conclusion. Anybody who has watched Detroit closely knows it is insolvent. This is just the official imprimatur.
“Today’s ruling marks the beginning of a long and arduous process. In the end I feel genuine remorse for all the creditors who will be left holding the bag. Nobody said, however, the process is fair. Whatever impact it has on Oakland County, it will be negligible to what Detroit will endure in the months ahead.”
-L. Brooks Patterson, Oakland County Executive
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