Detroit Exits Bankruptcy This Week

Detroit's financial emergency is over and Emergency Manager Kevyn Orr is done with his work. Orr's letter of resignation was sent to Michigan Governor Rick Snyder outlining the completion of his work. "This letter approves termination of the financial emergency status, the receivership of the City of Detroit, and your contract as Emergency Manager of the City of Detroit," Snyder wrote in a reply to Orr. A press conference has been scheduled for Wednesday at which officials are expected to say the city will begin the process of paying off creditors as it exits the largest civic bankruptcy in U.S. history. Detroit's bankruptcy was filed in July of 2013.