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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 ...
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 ...
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 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 ...
In 1995, Durant was named a Michiganian of the Year by the Detroit News for his work in education. [ 11 ] In 2004, Durant created, and with Arnold Palmer co-hosted The Turning Point Invitational golf tournament, which commemorated the 50th anniversary of Palmer's 1954 victory of the U.S. Amateur at Country Club of Detroit . 26 other past ...
The City of Detroit has long been bankrupt -- but now it's official. On Thursday, the City of Detroit petitioned the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division ...
Federal's was founded in 1929. [1] In 1961, Federal's merged with Kobacker's of Columbus, Ohio and in 1969, [2] it bought Shifrin-Willens Jewelers. [3] The chain filed for bankruptcy in 1972. [4]
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