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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 ...
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.
As nearly everyone has heard, the city of Detroit filed for bankruptcy last week, and the bankruptcy and its resolution have the potential to rattle municipal bond markets. The $18 billion filing ...
Delphi, which was spun off from GM in 1999, filed for Chapter 11 bankruptcy after the UAW refused to cut their wages and GM is expected to be liable for a $7 billion shortfall. [ 75 ] [ 76 ] [ 77 ] In order to improve profits, the Detroit automakers made agreements with unions to reduce wages while making pension and health care commitments.
Wharton finance professor Jeremy Siegel, author of the book The Future for Investors, asserted that Chapter 11 bankruptcy would allow Detroit to reorganize but not cause the massive job losses feared by some. "Any bailout of the auto industry is really a bailout for the health benefits of the UAW.
Under the reorganization process, termed a 363 sale (for Section 363 which is located in Title 11, Chapter 3, Subchapter IV of the United States Code, a part of the Bankruptcy Code), the purchaser of the assets of a company in bankruptcy proceedings is able to obtain approval for the purchase from the court prior to the submission of a re ...
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