Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors


Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors

by Joel R. Glucksman on September 20, 2013

Local and state governments, as well as the federal government, are not the only ones closely watching Detroit's municipal bankruptcy proceedings. It appears that Detroit, which recently filed the largest municipal bankruptcy in U.S. history, has also garnered the attention of global investors who are making determinations about future investments into the struggling city.

China, in particular, is closely monitoring proceedings, and Michigan Gov. Rick Snyder has been particularly vocal about the benefits that the city's bankruptcy may provide.

Snyder held a meeting with several Chinese journalists in Shanghai this week, and tried to alleviate any negative perceptions of the city that may jeopardize future Chinese investment. He plans to hold another meeting with journalists in Beijing in the coming days, in order to push the same positive message. In fact, the Michigan Economic Development Corp. established a threeminute video with Chinese captions promoting the state and the city of Detroit as a place to visit and invest, according to Michigan Live.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

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