Latest: Snyder says Detroit schools bailout a 'fresh start'
Michigan Gov. Rick Snyder is hailing a $617 million bailout and restructuring of the debt-ridden Detroit Public Schools as an "unprecedented investment" in educating the city's children.
In a statement early Thursday, the governor says a newly launched district will be debt-free and state emergency managers will no longer be needed.
Snyder says the plan is a "fresh start" that will put more money in the classrooms, provide stability for teachers and fiscal accountability.
The district is in danger of running out of money this summer without financial assistance.
The Republican-controlled House narrowly passed some final pieces of the restructuring package early Thursday, nearly a week after the chamber gave the measure initial approval.
The rescue comes two years after the state helped bail out Detroit's municipal government as part of its bankruptcy case.
The rescue comes two years after the state helped bail out Detroit's municipal government as part of its bankruptcy case.
The rescue comes two years after the state helped bail out Detroit's municipal government as part of its bankruptcy case.