Connect with us

Black Listed

City of Detroit Bankrupt

Detroit files for bankruptcy protection

The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

The bankruptcy filing makes Detroit the largest city in U.S. history to do so. The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer.

The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Pastor Charged With Murdering Transgender Woman in Detroit Pastor Charged With Murdering Transgender Woman in Detroit

Pastor Charged With Murdering Transgender Woman in Detroit

News

Ben Carson Ben Carson

Ben Carson’s Name Could Be Dropped From Detroit High School

News

Sonya Harris, Hit-and-run Sonya Harris, Hit-and-run

Mom of Disabled Woman Needs Help After Hit-And-Run Wreck (VIDEO)

News

Aretha Franklin, mural, vandalized Aretha Franklin, mural, vandalized

Aretha Franklin Mural Vandalized in Detroit

Entertainment

Advertisement
Connect
Newsletter Signup