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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]
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 ...
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 ...
As of January 1, 2016, under the terms of the City of Detroit's municipal bankruptcy the Great Lakes Water Authority (GLWA) was created with a $50 million annual lease agreement to the City of Detroit for 40 years, while the DWSD bifurcated to focus its services specifically on the water and sewer customers within only the city of Detroit. [2]
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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 ...
Dr. Ron Paul, U.S. Congressman, Texas District 14, former candidate for Republican nomination for U.S. President; Chuck Baldwin, 2008 presidential candidate for the Constitution Party