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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 ...
One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.
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 ...
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.
Also in 1989, Northwest became the launch customer of the Boeing 747-400 and became one of only two airlines in the United States to operate it until its merger with Delta in 2009. The first aircraft it purchased was the first 747-400 to be built; it was later involved in a loss-of-control incident in 2002 and placed on display at the Delta ...
In August 2013, USA Jet Airlines became the world's first operator of an MD-80 Passenger-to-Freighter conversion. The aircraft, converted by Aeronautical Engineers, Inc., competes against the Boeing 727 in the cargo market. [5] In February 2023, USA Jet retired the last three of their McDonnell Douglas DC-9 fleet. [citation needed]
When Detroit became the largest municipality to go bankrupt in 2013, it had fallen hard from its glory days of the early to mid 20th century, when Henry Ford’s arrival and creation of the first ...