Tom DeWoskin, bankruptcy attorney with Danna McKitrick, P.C., discussed the bankruptcy of the city of Detroit with the St. Louis Business Journal.
Specifically, DeWoskin was asked if he believed that the City of St. Louis faced the same financial future as Detroit.
According to the Journal, DeWoskin stated that “although St. Louis and Detroit have some similar problems, a municipal bankruptcy — or anything like it — is unlikely here.”
“St. Louis has been suffering many of the ills that have befallen Detroit — it’s losing companies, taxpayers and residents,” said Tom DeWoskin, head of the bankruptcy department at the Danna McKitrick law firm in Clayton. “But I don’t think bankruptcy is likely. Mismanagement isn’t a big issue here, and St. Louis has a relatively strong incubator industry.”
And while St. Louis has lost companies, it never was as dependent on one industry, the auto industry, he said, and Detroit’s dilapidation is in a league of its own.
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