Detroit Files For Bankrupcy
After years of mismanagement and an economic recession to big to recover from. The City of Detroit has filed for chapter 9 bankruptcy. Making it the largest U.S. City to ever do so.
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The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer.
Just a month earlier Detroit’s Emergency Manager Kevyn Orr released a plan which he hoped would be able to help the city get out from under its crippling debt. The plan would have restructured the city’s debt obligations. But after two pension boards filed law suits against the city, the manager moved forward with the process.
A copy of the documentation is listed below.
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