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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 ...
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 ...
Duggan and Wayne County Sheriff Benny Napoleon, a former chief of the Detroit Police Department and a widely respected native Detroiter had traded the front-runner spot throughout the spring and ...
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.
On July 6, 2016, the U.S. Department of Justice filed a petition in the U.S. District Court in San Francisco, asking for a court order to enforce an administrative summons issued to Facebook, Inc., under Internal Revenue Code section 7602, [171] in connection with an Internal Revenue Service examination of Facebook's year 2010 U.S. Federal ...
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 ...
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 ...