LPH submitted a new blog post:
Detroit Michigan Bankruptcy Moves Forward
Detroit Michigan Bankruptcy Moves Forward
Continue reading the Original Blog PostU.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).
References
Davey, M., Vlasic...