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Detroit Bankruptcy Filing Largest in US History

Detroit Bankruptcy Filing Largest in US History

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Published by FindLaw
The city of Detroit's bankruptcy officially makes it the the largest U.S. city in history to seek Chapter 9 protection.

The filing came in the face of $18.5 billion in debt to creditors and unions.

The Michigan city has no further ability to tax its population of 700,000, which is down 60% from its peak of 1.8 million in the 1950s.

The bankruptcy filing lays the groundwork for a historic effort to bail out a major U.S. city.

as the state-appointed emergency manager filed for Chapter 9 protection.

Kevyn Orr, a bankruptcy expert, was hired by the state as emergency manager. He made the filing Thursday in federal bankruptcy court.
The city of Detroit's bankruptcy officially makes it the the largest U.S. city in history to seek Chapter 9 protection.

The filing came in the face of $18.5 billion in debt to creditors and unions.

The Michigan city has no further ability to tax its population of 700,000, which is down 60% from its peak of 1.8 million in the 1950s.

The bankruptcy filing lays the groundwork for a historic effort to bail out a major U.S. city.

as the state-appointed emergency manager filed for Chapter 9 protection.

Kevyn Orr, a bankruptcy expert, was hired by the state as emergency manager. He made the filing Thursday in federal bankruptcy court.

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Categories:Types, Business/Law
Published by: FindLaw on Jul 18, 2013
Copyright:Attribution Non-commercial

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09/30/2013

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