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!!






 

RELEVANT JOBS

Department Chairperson, Law Center

USA-FL-Miami

Miami Dade College, Wolfson Campus is now accepting applications for the Department Chairperson...

Apply now

Mid-Level Litigation Attorney

USA-AZ-Scottsdale

Galbut Beabeau is seeking a mid-level associate attorney to join its Business Litigation practi...

Apply now

Estate Planning Attorney

USA-CA-San Luis Obispo

We are looking for a skilled attorney, experienced in estate planning, probate and trust administrat...

Apply now

Attorney - Corporate Law, Governance and Transactions

USA-CA-San Luis Obispo

Carmel & Naccasha LLP, with offices in San Luis Obispo and Paso Robles, currently seeks a seasoned b...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Remote Sales/recruiting Professionals

USA-CA-Pasadena

Remote Sales/Recruiting Professionals: No Cold Calling Required BCG Attorney Search is seeking a ...

Apply Now

Real Estate Finance Associate Attorney

USA-NJ-Northfield

Northfield office of a BCG Attorney Search Top Ranked Law Firm seeks a real estate finance associate...

Apply Now

Real Estate Finance Attorney

USA-NJ-Northfield

Northfield office of a BCG Attorney Search Top Ranked Law Firm seeks real estate finance attorney wi...

Apply Now

SEARCH IN ARCHIVE

To Top