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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 ...
Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990.
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 ...
It was the first city and for a long time only railway transit in the city. Operations are driverless. 1988 - Bel-Air cinema in business. [21] 1990 Nelson Mandela visits Detroit. Population: 1,027,974. [12] 1992 - November 5: Black motorist Malice Green dies after struggling with white policemen Larry Nevers and Walter Budzyn during a traffic ...
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.
Republic's hubs at Minneapolis, Memphis, and Detroit became the backbone of Northwest's domestic network. Northwest later merged with Delta Air Lines in October 2008; the deal was finalized in January 2010, with Delta as the surviving air carrier. Republic's hubs in Detroit and the Twin Cities have remained intact with Delta; Memphis was ...
When Detroit became the largest municipality to go bankrupt in 2013, it had fallen hard from its glory days of the early to mid 20th century, when Henry Ford’s arrival and creation of the first ...