Michigan Gov. Rick Snyder (R) will make an announcement about the future of Detroit at noon on Friday.
It's widely thought that he will agree with the state financial review team's findings of a severe financial problem in the city, which would likely lead to the appointment of an emergency manager for the city.
UPDATE: 12:15 p.m. -- Snyder, speaking Friday, said a financial emergency exists in Detroit. He said he has several candidates in mind for the position of emergency financial manager. Mayor Dave Bing and City Council have a 10-day period before they can request a hearing, after which Snyder could revoke his decision or move forward with an emergency manager appointment.
See below for live updates.