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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 ...
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.
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 ...
By the time Detroit filed for bankruptcy in the summer of 2013, the city had been experiencing urban blight for decades. A multitude of factors, including racial unrest, a struggling automotive industry, and white flight had deprived the city of a tax base, leading to deficits and a failure of the municipal system. [1]
Detroit's population reaches its height at 1.85 million. [12] 1951 - Detroit celebrates its 250th anniversary with exhibitions, parades, lectures, entertainments, historical publications, new building construction and more. 1954 - City-County Building constructed. 1955 Anna Scripps Whitcomb Conservatory on Belle Isle active. [23]
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Therefore, this missed payment did not have the same bankruptcy protections that Diamond's other missed payments had. [ 46 ] [ 47 ] On June 1, 2023, after a two-day long hearing, the bankruptcy judge ordered Diamond to pay the other Major League Baseball teams they missed payments to fully within five days. [ 48 ]