From Detroit News
''Even as the state Treasury prepares to begin another financial review
of Detroit's books, a plan is being solidified in the governor's office
that would guide Michigan's largest city through what is being called a
managed bankruptcy.
The working concept, still evolving, assumes
that the state's financial review would find severe financial distress
in Detroit, that Mayor Dave Bing and City Council would be unable to
push through overdue restructuring, and that the process would culminate
in appointment of an emergency financial manager under Public Act 72.''
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