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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 ...
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.
Detroit became notorious for violent crime in the 1970s and 1980s. Dozens of violent black street gangs gained control of the city's large drug trade, which began with the heroin epidemic of the 1970s and grew into the larger crack cocaine epidemic of the 1980s and early 1990s. Numerous major criminal gangs were founded in Detroit, dominating ...
For the City of Detroit, the state legislature passed a separate law forming a financial review commission to exercise financial check on city government as it exited bankruptcy and emergency management. [11] As of June 27, 2018, there are no Emergency Managers in Michigan for the first time since 2000. [12]
Dana Afana, Detroit Free Press October 31, 2024 at 5:06 PM Detroit’s Police and Fire Retirement System and the city have agreed to settle a federal lawsuit regarding a repayment schedule over a ...
This was significant in the birth of Detroit as the center of the American automobile industry, something that became huge in the city's economy and overall identity. 1912 Navin Field (baseball park) opens. Dime Building constructed. 1913 1913 Studebaker strike; Broadway-Strand Theatre in business. [21] 1914 - Detroit Institute of Musical Arts ...