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Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
Section 109(c) of the U.S. Bankruptcy Code provides that a municipality may be a debtor in a Chapter 9 bankruptcy case only if the municipality is specifically authorized to be a debtor by State law, or by a governmental officer or organization empowered by State law to authorize the municipality to be a debtor. [20]
On July 18, 2013, the restructuring expert did just that, making Detroit the largest city in the U.S. to file for bankruptcy. “Bankruptcy is a miserable process," Orr, 65, told The Associated ...
Rosen's book is appearing a decade after Detroit's emergence from Chapter 9 bankruptcy, a saga that has already spawned books and a documentary. However, the judge offers many new details and ...
The architect of the bankruptcy filing was Kevyn Orr, a lawyer hired by then-Gov. Rick Snyder in 2013 to fix Detroit's budget deficit and its underfunded pensions, healthcare costs and bond payments.
On October 16, 2008, Bing announced that he would be a candidate for mayor of Detroit in the 2009 Detroit mayoral special election to finish the term of Kwame Kilpatrick, who had resigned as part of a plea bargain agreement after being charged with the crime of perjury. Bing finished first in a 15 candidate non-partisan primary on February 24 ...
For the City of Detroit, the state legislature passed a separate law forming a financial review commission to exercise financial check on city government as it exited bankruptcy and emergency management. [11] As of June 27, 2018, there are no Emergency Managers in Michigan for the first time since 2000. [12]
When Detroit became the largest municipality to go bankrupt in 2013, it had fallen hard from its glory days of the early to mid 20th century, when Henry Ford’s arrival and creation of the first ...