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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]
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 ...
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 ...
In 2013, Detroit had some 21,000 retired workers who were owed benefits, with underfunded obligations of about $3.5 billion for pensions and $5.7 billion for retiree health coverage.
Detroit's population reaches its height at 1.85 million. [12] 1951 - Detroit celebrates its 250th anniversary with exhibitions, parades, lectures, entertainments, historical publications, new building construction and more. 1954 - City-County Building constructed. 1955 Anna Scripps Whitcomb Conservatory on Belle Isle active. [23]
Therefore, this missed payment did not have the same bankruptcy protections that Diamond's other missed payments had. [ 46 ] [ 47 ] On June 1, 2023, after a two-day long hearing, the bankruptcy judge ordered Diamond to pay the other Major League Baseball teams they missed payments to fully within five days. [ 48 ]
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In 2009, Detroit Metro Airport launched its first social media efforts with participation in Twitter, Facebook, and YouTube networks. Detroit was a major hub for Northwest Airlines from 1986 to 2010; Northwest merged with Delta Air Lines, and Detroit became Delta's second-largest hub.