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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]
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 ...
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 ...
The United States Treasury and an ad hoc group of the bondholders of General Motors Corporation were also represented in court. [ 9 ] One of the first motions filed in court was to void the leases on the seven corporate jets, and corporate aircraft hangar at Detroit Metropolitan Wayne County Airport, which the company said were no longer ...
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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.
When Detroit went bankrupt five years ago, the city was “using credit cards to pay credit cards,” in the words of former City Councilwoman Sheila Cockrel, who participated in a panel Wednesday ...