Detroit Files $18 Billion Bankruptcy Restructuring Deal

[exotix]

*Breaking*

Detroit's emergency manager filed a plan Friday to restructure the city's $18 billion debt

http://bigstory.ap.org/article/detroit-file-bankruptcy-restructuring-plan

http://www.nbcnews.com/business/economy/detroit-files-historic-bankruptcy-blueprint-n35511

.. by making cuts to pensions and creditors while offering a blueprint for emerging from the largest municipal bankruptcy in U.S. history.




In this Oct. 23, 2013 file photo protesters rally outside federal court in Detroit during a trial to determine if Detroit is eligible to restructure $18 billion in debt.

On Tuesday, Nov. 5, the UAW's chief lawyer portrayed emergency manager Kevyn Orr and his team as inflexible in the weeks leading to the July bankruptcy filing.

Unions and pensions funds opposed to bankruptcy claim there was a lack of good-faith negotiations with creditors before the Chapter 9 filing.



http://i.huffpost.com/gen/1451632/thumbs/n-DETROIT-BANKRUPTCY-TRIAL-large570.jpg



http://media1.s-nbcnews.com/j/newscms/2014_08/201451/140221-detroitchapt9_hmed_1050_c9254358e2f9e7ef1a9e3d0d0a d63468.nbcnews-ux-920-600.jpg

[Captain Obvious]

Ah yes, Detroit.

The posterchild for Progressive failure.

[Peter1469]

Other cities will follow. Lots of unfunded pension funds out there.

[Cthulhu]

Last I checked you could by houses for roughly a dollar there. Real fixer uppers and such. Not to mention the hideous taxes it would bring you.

Once prosperous and dynamic, now a place of progressive desolation.

I'm sure those who brought this to pass are proud of their handiwork.

[Bob]

I believe that during the depression of the 1930's, no city filed bankruptcy.

Democrats ideology has resulted in many USA cities managed by democrats, usually in democrats states, to fail to pay bills.

Now we are supposed to accept on pure faith that they won't do it to the USA as well.

Default Obama brays?

You betcha says I.

http://wallstcheatsheet.com/stocks/8-u-s-cities-that-went-bankrupt.html/?a=viewall