DETROIT (WXYZ) - Governor Rick Snyder and Emergency Manager Kevyn Orr held a news conference Friday morning to address Detroit's Chapter 9 municipal filing.
During the news conference, Governor Snyder told reporters that filing bankruptcy was a necessity.
"It's time to move forward. It's time to get Detroit stabilized and grow," said Snyder. "Now's the opportunity to stop 60 years of decline," he said.
The Emergency Manager addressed Detroit's critical issues and the plan to get Detroit back on its financial feet through Chapter 9 bankruptcy.
Orr says the bankruptcy will give Detroit breathing room and power to negotiate - as well as free up much needed cash.
The bankruptcy filing was announced Thursday afternoon.
Detroit Emergency Manager Kevyn Orr initiated the process and it was approved by Governor Rick Snyder .
Detroit's deficit is $18 billion dollars, $11 billion is unsecured including the pensions and retiree health care for 30,000 Detroit City employees.
Orr is a bankruptcy attorney who resigned from The Jones Day Law Firm in March to become Emergency Manager. Governor Rick Snyder had said he does not like the bankruptcy option but it is a tool to get Detroit back on track.