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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 ...
Experts warn that Detroit could become the largest municipal bankruptcy in U.S. history. There are signs everywhere of just how far the city -- which is more than $14 billion in the hole -- has ...
The first municipal bankruptcy legislation was enacted in 1934 during the Great Depression. [2] Although Congress attempted to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the 1934 Act unconstitutional as an improper interference with the sovereignty of the states. [2]
By KATE ROGERS Detroit made history Thursday as the largest American city in history to ever file for Chapter 9 bankruptcy protection. The once vibrant city rooted in auto manufacturing and music ...
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 ...
Carlos Osorio/AP By Edward Krudy NEW YORK -- U.S. municipal bonds fell sharply Friday, a day after Detroit filed for the largest municipal bankruptcy in history, adding to investors' woes in the ...
As of January 1, 2016, under the terms of the City of Detroit's municipal bankruptcy the Great Lakes Water Authority (GLWA) was created with a $50 million annual lease agreement to the City of Detroit for 40 years, while the DWSD bifurcated to focus its services specifically on the water and sewer customers within only the city of Detroit. [2]