(WXYZ) - Prominent Detroit businessman Dan Gilbert issued a statement late Thursday regarding Detroit filing for Chapter 9 bankruptcy.
"Today's Chapter 9 bankruptcy declaration by the City of Detroit is the first step toward a better and brighter tomorrow for our city. The financial condition the city finds itself in is years, if not decades, in the making. Bankruptcy will be painful for many individuals and organizations but together we will get through it and come out stronger on the other side. We simply do not have a choice.
It's important that we ignore the noise that this filing will surely bring. Many forecasted the end for GM and Chrysler when they declared bankruptcy just a short few years ago. Today, GM and Chrysler are thriving. Detroit will thrive again as well and sooner than most think.
Just as the auto companies reinvented the way they do business so will the city of Detroit. Once our financial challenges are behind us the city, region and state will have a clean slate to operate with a philosophy and strategy that works for its citizens, businesses and the entire community.
We are all in. We are more committed than ever to Detroit and the opportunities downtown. Detroit's best days are ahead."