Breaking News

The Detroit Municipal Bankruptcy Plan is Running out of Time
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

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.

  
What
Where


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.

Image credit: www.bloomberg.com

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!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid-level litigation attorney with experience taking/defending dep...

Apply Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a support attorney with some experience/familiarity with a litigatio...

Apply Now

Patent Prosecution Attorney

USA-MI-Northville

Northville office of our client seeks patent prosecution attorney with 5 years of experience. The ca...

Apply Now

Trademark and Copyright Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks trademark and copyright associate attorney with 4-8 years o...

Apply Now

RELEVANT JOBS

Attorney - Insurance Defense

USA-GA-Atlanta

Downtown litigation law firm seeks associate with 3 to 5 years of experience in insurance defense, i...

Apply now

Legal Secretary-Cannabis Law Firm

USA-MI-Lansing

Vora, PLLC. Is accepting applications for a Legal Secretary or Paralegal. We are a cannabis law firm...

Apply now

Paralegal- Cannabis Law Firm

USA-MI-Lansing

Vora, PLLC. Is accepting applications for a Paralegal or Legal Secretary. We are a cannabis law...

Apply now

Legal Administrative Assistant

USA-CA-Sacramento

Under the general direction of the supervising attorney(s) and according to established Firm policie...

Apply now

SEARCH IN ARCHIVE

To Top