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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]
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 ...
In December 2013, bankruptcy judge Steven W. Rhodes issued an opinion rejecting all the federal and state constitutional challenges to Detroit's bankruptcy and allowing the city to go through the Chapter 9 bankruptcy process. [13] In 2018, Aquilina presided over the USA Gymnastics sex abuse scandal case. [14]
Jeff Kowalsky, Bloomberg via Getty Images When the city of Detroit sought bankruptcy protection this month, it marked the largest municipal bankruptcy filing in history, with huge implications for ...
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's emergency manager Kevyn Orr will soon That was the determination of Judge Steven Rhodes earlier this week. The city can now proceed with its Chapter 9 bankruptcy.
Kwame Malik Kilpatrick (born June 8, 1970) is an American former politician and convicted felon who served as the 72nd mayor of Detroit from 2002 to 2008. A member of the Democratic Party, he previously represented the 9th district in the Michigan House of Representatives from 1997 to 2002.
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 ...