Snyder says Detroit will exit bankruptcy by fall

DETROIT (AP) - Gov. Rick Snyder says Detroit’s bankruptcy will be “largely closed” by October with a transition plan and oversight board in place.

Snyder spoke Monday morning at Pancakes and Politics, a regular event featuring elected leaders.

The governor says the collaboration between Mayor Mike Duggan and emergency manager Kevyn Orr is one of the country’s “great success stories,” the Detroit News reports.

Snyder hired Orr a year ago and authorized him to take the city into bankruptcy court last summer. Orr has also said he hopes Detroit can exit bankruptcy by October.

Snyder says he won’t “speculate” on a rumor he’d make Duggan head of the Detroit Public Schools if re-elected.

The event was held at the Detroit Athletic Club near Comerica Park.