DETROIT-Not all is doom and gloom in Detroit following yesterdays' Chapter 9 bankruptcy filing by the city.
While residents and businesses expressed concern for those that might lose their jobs in connection with the filing, the city's three automakers—General Motors Co., Chrysler Group LLC and Ford Motor Co.—expressed support for the city and optimism that it can emerge from bankruptcy a much stronger city, according to the Wall Street Journal.
General Motors and Chrysler emerged from government-led bankruptcies stronger and are now posting strong profits. Ford, which did not enter bankruptcy, financed a company-wide restructuring and is also seeing profits rise since the recession ended.
Chrysler vows to continue to invest in the city, while Ford, in a statement, related, "The city has a difficult job ahead. And we are optimistic that governmental leaders will be successful in strengthening the community." See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
