Detroit emergency manager files bankruptcy

DETROIT (AP) — Detroit has become the largest city in U.S. history to file for bankruptcy.

 

State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.

If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts.

A number of factors — most notably steep population and tax base falls — have been blamed on Detroit's tumble toward insolvency.

Detroit lost a quarter-million residents between 2000 and 2010.

Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit.

 

More

Thu, 08/17/2017 - 21:46

A look at the borough assembly and mayor races

Kenai Peninsula Borough voters will have a hefty ballot to go through at the Oct. 3 regular election.

Read more
Thu, 08/17/2017 - 21:45

Somewhere over the Kenai

Thu, 08/17/2017 - 21:44

Feds reconsidering lease rates for hydropower operators

Federal administrators of land beneath six of Alaska’s hydroelectricity plants — including the Kenai Peninsula’s Bradley Lake plant — are considering claims by hydropower operators... Read more