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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 ...
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]
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.
Detroit eliminated $7.2 billion in debt in bankruptcy court, John Naglick, the city’s chief deputy CFO, said at the discussion, which was organized by DBusiness magazine and presented by the ...
Detroit was determined by a state-appointed review team to be in severe financial distress in 2012. “Bankruptcy is a miserable process," Orr, 65, told The Associated Press earlier this month ...
Free Press Editorial Page Editor Nancy Kaffer got personal in 2023, sharing hard conversations with her son, a memorable exchange from pre-bankruptcy Detroit and demanding accountability from ...
Detroit is edging dangerously close to bankruptcy, and the most obvious sign of its dramatic financial downfall lies in the ramshackle, abandoned homes that dot its neighborhoods. Michigan Gov ...
Rosemarie Elizabeth Aquilina (born April 25, 1958) is an American judge. She is a judge of the 30th circuit court in Ingham County, Michigan. [1] Previously, Aquilina was the 55th District Court Judge, where she served as both a Sobriety Court Judge as well as the Chief Judge. [1]