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The agreement gives the city 30 years instead of 20 to catch up on payments that were deferred during Detroit's bankruptcy 10 years ago. The retirement system investment committee and board had ...
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]
Jeff Kowalsky, Bloomberg via Getty Images When the city of Detroit sought bankruptcy protection this month, it marked the largest municipal bankruptcy filing in history, with huge implications for ...
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 ...
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.
The bankruptcy of the city of Detroit has turned the spotlight on the fate of thousands of current and former city workers whose pensions and health benefits are now potentially at risk of ...
Orr said the city once had 20,000 workers and 10,000 retirees who were owed pensions. By the time of the bankruptcy filing, those numbers were flipped with 20,000 retirees expecting pension ...
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 ...