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Detroit emergency manager files bankruptcy

Posted: July 18, 2013 - 12:48pm

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.

 
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robert white
378
Points
robert white 07/20/13 - 07:03 am
0
0
bankruptcy

This is the 32nd city in the us to file bankruptcy in the past 5 years! This is the change that was promised and represents the future road of this country.

alaskagunhunter
8
Points
alaskagunhunter 07/20/13 - 06:12 pm
0
0
Hope and change

Let me be the first to blame George Bush for this happening.
Wait, what ah poo B.O. already did? Darn it.

BigRedDog
659
Points
BigRedDog 07/21/13 - 11:17 am
0
0
Guarantee!

Just watch and soon there will be just enough electoral votes in bankruptcy Cities to elect Hillary, Lord help US. I can hear them singing Been what is he, it don't matter, what Difference does it make?

beaverlooper
3072
Points
beaverlooper 07/21/13 - 04:46 pm
0
0
What?

"I can hear them singing Been what is he, it don't matter, what Difference does it make? "
I guess I'm a little slow, what does that mean?

cheapersmokes
1031
Points
cheapersmokes 07/23/13 - 05:38 am
0
0
Detroit broke?

I just wonder what the composition of their city council and Mayor has been in the last 20 years or so! Anyone care to bet that it was all liberal Democrats who allowed this to happen with their very generous giveaway programs. Wake up people or this could be your town or city next!

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