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The decline of population and employment opportunities in Detroit had been going on for decades prior to the bankruptcy filing. Detroit’s population declined from 2 million in 1950 to 714,000 in 2010. [21] Jobs followed the population, as over two-thirds of businesses in Detroit closed between 1972 and 2015. [22]
Over $4 billion in debt (largest Chapter 9 bankruptcy until 2013 Detroit bankruptcy filing,) [36] from sewer revenue bonds tainted by an interest rate swap bribery scandal with JPMorgan and county commissioner Larry Langford, and bond insurance credit rating collapse in the late-2000s subprime mortgage crisis, followed by the occupation tax ...
Best Products – filed for bankruptcy for the second time in September 1996 [33] [34] and closed all of its stores by the following February [35] [36] Brendle's – became bankrupt and liquidated in 1996 [37] [38] Consumers Distributing – sought bankruptcy protection in 1996; Ellman's – acquired by Service Merchandise in 1985 [39] [40]
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 ...
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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.
“America is going bankrupt btw,” Musk wrote in a recent post on the social media platform X. He was responding to a post by Billy Markus, the creator of Dogecoin. He was responding to a post ...
On November 4, 2021, Facebook was sued by defunct app Phhhoto for allegedly copying their features and then hiding their name from search results, forcing them to go bankrupt. This came after Meta expressed interest in working with them. [96] [97] November 15, 2021: The State of Ohio v. Facebook, Inc.