CHICAGO -- Michigan’s historic takeover of Detroit, announced Friday, bodes well for the city’s bond investors, municipal market experts said Friday, even as Gov. Rick Snyder warned he would seek cuts from all creditors.

Snyder Friday declared the long-struggling Motor City to be in a state of financial emergency and said he would likely appoint an emergency manager to take over within two weeks. The announcement was expected after a state review team recently released a report outlining the city’s problems.

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