L. Brooks Patterson

PONTIAC, MI -- Oakland County Executive L. Brooks Patterson, at times a political foe of Detroit, issued a statement of well-wishes and appreciation following Friday's ruling approving Detroit's bankruptcy plan.

"There must have been a collective sigh of relief heard across southeast Michigan when the bankruptcy judge declared the bankruptcy exit plan for Detroit to be legal," he said in a prepared statement. "I congratulate all of the participants who labored long and hard these past few months to achieve this result. Most of all I congratulate the city employees and retirees who played a most critical role in this bankruptcy proceeding.

"It's obviously a bright future for Detroit and I wish Mayor Duggan and the city council well as they face the remaining challenges.

Patterson also congratulated Gov. Rick Snyder "for his courageous leadership" and Emergency Manager Kevyn Orr for his "deft handling of such a complex case."

A team of federally appointed mediators facilitated intense negotiations over the past 16 months, helping the city produce a largely consensual plan for slashing some $7 billion from an estimated $18 billion in long-term debt.

Detroit's debt obligations have for years crippled its budget, and the plan crafted in bankruptcy court calls for reinvesting $1.7 billion into restoration of city services.

With acceptance of the plan, Detroit has up to 180 days to finalize all settlements and agreements before the implementation officially begins and the city formally exits bankruptcy.

Detroit will borrow $325 million from Barclays Capital as it exits bankruptcy to settle some of its debts and start funding post-bankruptcy reinvestment.

Despite his cordial response, Patterson earlier this week criticized Quicken Loans Founder Dan Gilbert, who owns nearly 90 properties in downtown Detroit and is credited with bringing over 120 new businesses downtown. He's largely credited with Detroit's resurgence.

Patterson insinuated some of the Gilbert-spawned growth in Detroit is poached, saying in a statement: "I would be more impressed with Mr. Gilbert's efforts if he were to bring in high-tech companies from Ohio, Indiana and Illinois rather than looking through the fertile vineyards of Oakland County."

Gilbert responded stating most of the new business is urban-grown and expressed a wish for regional cooperation.