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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]
The Verville Aircraft Company was a Detroit, Michigan based manufacturer of small airplanes and flying boats, which became bankrupt during the Great Depression. Alfred V. Verville started the corporation after working for multiple aviation companies. An innovative corporation, it could not survive the difficult financial crisis of the early ...
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 ...
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.
Detroit (/ d ɪ ˈ t r ɔɪ t / ⓘ dih-TROYT, locally also / ˈ d iː t r ɔɪ t / DEE-troyt) [8] is the most populous city in the U.S. state of Michigan. It is the largest U.S. city on the Canadian border and the county seat of Wayne County. Detroit had a population of 639,111 at the 2020 census, [9] making it the 26th-most populous city in ...
Detroit auto show begins. Area of city: 41 square miles. 1909 - Ford Building constructed. 1911: Chevrolet opens its first factory in Detroit. This was significant in the birth of Detroit as the center of the American automobile industry, something that became huge in the city's economy and overall identity. 1912 Navin Field (baseball park) opens.
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 ...