WSJ: Detroit’s lessons to learn

WSJ: Detroit’s lessons to learn

Detroit’s bankruptcy continues to offer a multitude of “teachable moments,” and this week, restructuring expert Lisa Donahue weighs in on the Wall Street Journal’s Bankruptcy Beat blog about how she thinks the Detroit Chapter 9 should be interpreted and what actions other municipalities and states should take based upon the experience here. She begins:

Facing issues head-on is difficult, and it’s tempting to put off until tomorrow what should be done today. But it’s unwise. That’s perhaps the No. 1 lesson from Detroit—and one that applies as much to cities and other municipalities as to companies.

Donahue, who works at Alix Partners, also opines that the election of Mike Duggan as mayor reflects  a “new spirit emerging in a grassroots way among Detroiters themselves.”