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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 ...
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 ...
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.
Over $4 billion in debt (largest Chapter 9 bankruptcy until 2013 Detroit bankruptcy filing,) [36] from sewer revenue bonds tainted by an interest rate swap bribery scandal with JPMorgan and county commissioner Larry Langford, and bond insurance credit rating collapse in the late-2000s subprime mortgage crisis, followed by the occupation tax ...
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 ...
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 ...
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.