02/28/2013 02:26 pm ET Updated Apr 30, 2013

Rick Snyder Will Announce Decision On Detroit On Friday, Mayor Dave Bing Says [UPDATED]

Michigan Governor Rick Snyder will announce on Friday whether or not the state will take over the struggling city, Mayor Dave Bing said at a press conference on Thursday.

Bing said that the Governor told him of the announcement after weeks of uncertainty surrounding dire Detroit's financial situation.

Last week, a state review team found that the city was heading towards financial emergency. It recommended that an emergency manager be appointed to run the city and help balance its checkbooks.

Detroit has struggled with economic hardships for years and faces billions of dollars in debt. The city was hit hard by the recession, and subsequent cuts made to the auto industry.

CORRECTION: A previous version of this post stated that Mayor Bing had announce a takeover. A takeover has not yet been announced.