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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]
The city of Detroit is split into seven council districts. The Detroit Demolition Program targeted all of these districts. Each region had between 1,500-3,000 demolitions. [9] [10] These demolitions were contracted to numerous companies with $90 million [7] [8] going to businesses that started up in Detroit. Most of these funds come from a ...
Detroit was determined by a state-appointed review team to be in severe financial distress in 2012. The architect of Detroit's bankruptcy filing 10 years ago says it was the best fix for a broken city
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Adamo Group was a suspect in an FBI investigation into corruption involving Detroit City demolition officials and contractors in the city's blight-removal program; [13] the report determined that no rules in bid selection were infringed, but that their closed-door meeting practices "lacked fairness, openness, and transparency."
English: Bankruptcy petition (stylized)} it covers the basic elements from page 1 of Detroit's filing, enough to create a summary for the article}. Also, since this is simply text from a government filing, it is automatically in the public domain.