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Detroit

Detroit’s Bankruptcy Obstacles

Detroit’s Bankruptcy Obstacles     Detroit is headed towards a July trial in which the city will decide how to reorganize its $18 billion debt and end the biggest municipal bankruptcy in U.S. history declared by U.S. judge Stephen Rhodes. Citing that its…>read more

No Comment March 30, 2014

The Detroit Municipal Bankruptcy Plan is Running out of Time

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…>read more

No Comment March 25, 2014

McDonald’s Sued by Workers for Pay Practices

McDonald’s Sued by Workers for Pay Practices   The world’s largest restaurant chain, McDonald’s Corp., is being sued by employees who claim they are being idled without pay for minutes and hours while at work, according to Bloomberg. They are being idled without pay when demand from…>read more

No Comment March 14, 2014

Detroit to Pay $77 Million in UBS Settlement

Detroit to Pay $77 Million in UBS Settlement   Detroit, sometimes known as “Motor City”, is the most populous city in the U.S. state of Michigan. It is also the largest city on the United States-Canada border. Detroit filed a record $18 billion municipal bankruptcy in July.  …>read more

No Comment March 4, 2014

Detroit Bankruptcy Plan Pinches Pensions

Detroit Bankruptcy Plan Pinches Pensions   On July 18, 2013 the city of Detroit filed for Chapter 9 bankruptcy.  This is a legal status of a person or other party that cannot repay the debts it owes to creditors. Estimated at $18–20 billion, Detroit is the largest…>read more

No Comment February 24, 2014

Unemployment Among 16 to 19 Year Olds More than Three Times the Rate for All Workers

Unemployment Among 16 to 19 Year Olds More than Three Times the Rate for All Workers     The economy has gained strength and overall labor market conditions have improved in recent months, younger workers have continued to struggle finding work. Bloomberg News has reported a sweeping change in young Americans. 19 year old Akil Alvin,…>read more

No Comment February 20, 2014

Detroit to Big Banks: $165 Million is Too Expensive to Exit Swaps

Detroit to Big Banks: $165 Million is Too Expensive to Exit Swaps   Judge Steven Rhodes refused a deal to settle Detroit’s swap-exit between the city and big banks UBS/BOA. Judge Rhodes noted that the settlement to exit the interest-rate swap contracts actually costed taxpayers $202 million- and the deal to exit…>read more

No Comment January 16, 2014

Bankrupt Detroit Faces Water and Sewer Bond Restructure

Bankrupt Detroit Faces Water and Sewer Bond Restructure   Detroit’s $3.7 trillion dollar muni-bond market is facing trouble. Detroit’s emergency manager Kevyn Orr is battling insurers, individual investors and fund companies that hold over $5 billion of Detroit water and sewer bonds as restructuring of that debt continues.…>read more

No Comment August 8, 2013

Bankrupt Detroit Attracts Attorneys from All Over

Bankrupt Detroit Attracts Attorneys from All Over   Detroit has filed one of the largest U.S. municipal bankruptcies this Thursday. The entire restructuring will consider more than $18 billion dollars. Attorneys from all parts will be able to represent various groups with interests in the matter. Perhaps…>read more

No Comment July 22, 2013

Detroit Goes Broke, Files Chapter 9 Bankruptcy

Detroit Goes Broke, Files Chapter 9 Bankruptcy On Thursday, Detroit became the largest American city to file for Chapter 9 bankruptcy protection. Law firm Jones Day is restructuring counsel for the bankruptcy. While approving the voluntary Chapter 9 petition Governor Rick Snyder said, “I knew from the…>read more

No Comment July 19, 2013

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