France Not Permitted to Ban Blood Donations from Gay Men
France Not Permitted to Ban Blood Donations from Gay Men
Judge Orders That Lottery Winnings Must be Split Between Boss and Employee
Judge Orders That Lottery Winnings Must be Split Between Boss and Empl...
S. Chelvan Named Legal Aid Lawyer of the Year
S. Chelvan Named Legal Aid Lawyer of the Year
Shariah Court Holds No Legal Sanctity
Shariah Court Holds No Legal Sanctity
Job Listings

The Detroit Municipal Bankruptcy Plan is Running out of Time

In March 2013 the state governor declared a financial emergency and On July 18, 2013, Detroit filed the largest municipal bankruptcy case in U.S. history. On December 3, citing its $18.5 billion debt, U.S. judge Stephen Rhodes, declared that negotiations with its thousands of creditors were unfeasible.

According to the Detroit News, 47 percent of the city’s taxable parcels were delinquent on their 2011 tax bills, resulting in about $246 million in taxes and fees going uncollected. High unemployment was compounded by depressed property values, abandoned buildings, abandoned neighborhoods, high crime rates and a pronounced demographic imbalance. The crisis resulted in the state of Michigan taking over administrative control of the city. The state governor declared a financial emergency in March 2013, appointing an emergency manager, Kevyn Orr.

Detroit Emergency Manager Kevyn Orr said time is running out for creditors to reach an agreement with the city on a plan to resolve the biggest U.S. municipal bankruptcy and reduce Detroit’s $18 billion debt. According to Bloomberg News, Kevyn Orr said at a conference in New York that “We’re past the point of having the luxury of having a lot more time to convince folks.” He hopes to have enough agreement among creditors to get a debt-adjustment plan enacted later this year.  Detroit has filed a lawsuit aimed at voiding $1.44 billion in a pension-related debt.

Looking for jobs in Detroit? Click here.



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Image credit: www.bloomberg.com

Did you like this? Share it:
The Detroit Municipal Bankruptcy Plan is Running out of Time by

Tagged:

Jaan Posted by on March 25, 2014. Filed under Home,World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Full-Time Certified Paralegal
USA-FL-Fort Lauderdale

Please read carefully - Nationwide law firm is seeking a full-time paralegal to work in our Fort Lauderdale office. QUALIFICATIONS: * Valid Paralegal Certification; Florida State Bar or NALA;...