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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]
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 ...
By the time Detroit declared bankruptcy at 4:06 p.m. on July 18, 2013, Detroit had accumulated $18 billion in debt and city retirees' pension funds were underfunded by $3.5 billion. The number of ...
Braniff Airways, Inc., operated as Braniff International Airways from 1948 until 1965, and then Braniff International from 1965 until air operations ceased, was a United States trunk carrier, a scheduled airline that operated from 1928 until 1982 and continues today as a retailer, hotelier, travel service and branding and licensing company, administering the former airline's employee pass ...
Actor Wilford Brimley became something of a spokesperson for the airline with his "Dance With the One that Brung Ya" commercials. According to the airline's September 1, 1989 system timetable, Braniff was serving 40 airports in the U.S. and the Bahamas with mainline jet service. Nassau was the airline's only international destination at this time.
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.
Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990.
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 ...