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July 18, 2013

Detroit Files For Chapter 9 Bankruptcy

It's the largest municipal bankruptcy in US history.

You can read more about it here.

The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.
The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers.

Apropos of nothing, the last time Detroit had a Republican Mayor was 51 years ago.

[Update] In completely unrelated news, they're remaking Robocop. Is this Chapter 9 bankruptcy just a creative marketing ploy by MGM?

posted by BenK at 04:17 PM

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The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations. The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers. Apropos of nothing, the last time Detroit had a Republican Mayor was 51 years ago. [Update] In completely unrelated news, they're remaking Robocop. Is this Chapter 9 bankruptcy just a creative marketing ploy by MGM? posted by BenK at 04:17 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Huck Follywood: "I am inclined to always believe the worst of the T ..." Guy Mohawk: "Schumer seems pretty damn happy about it. And it d ..." Elric The Blade: "I saw the 4K remastered version of [i]Ilsa, She-Wo ..." Nova Local: "Look, if there's a loser, it's the American people ..." 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