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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]
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 ...
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 ...
The United States Treasury and an ad hoc group of the bondholders of General Motors Corporation were also represented in court. [ 9 ] One of the first motions filed in court was to void the leases on the seven corporate jets, and corporate aircraft hangar at Detroit Metropolitan Wayne County Airport, which the company said were no longer ...
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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]
The group has managed to maintain a working relationship with the city’s police force. “We have a good relationship with New Era Detroit,” Detroit Police Department spokesperson Sgt. Jordan ...