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Detroit Michigan Bankruptcy Moves Forward


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LPH submitted a new blog post:

Detroit Michigan Bankruptcy Moves Forward

U.S. Bankruptcy Judge Steven Rhodes turned down objections from unions, pension funds and retirees and opined the city of Detroit is eligible for Chapter 9 bankruptcy protection.

"This once proud and prosperous city cannot pay its debts. It is insolvent. It's eligible for bankruptcy," Rhodes said. "But it also has an opportunity for a fresh start" (Semuels & Muskal, 2013).

Appeals were expected to be filed (Davey, Vlasic & Walsh, 2013).

Davey, M., Vlasic...
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