City of Detroit files for bankruptcy - WNCN: News, Weather

City of Detroit files for bankruptcy

Posted: Updated:
DETROIT -

Detroit has become the largest city in U.S. history to file for bankruptcy.
    
State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
    
If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts.
    
A number of factors - most notably steep population and tax base falls - have been blamed on Detroit's tumble toward insolvency.
    
Detroit lost a quarter-million residents between 2000 and 2010.
    
Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit.

  • U.S.More>>

  • Attorney: Detroit needs debt plan to survive

    Attorney: Detroit needs debt plan to survive

    Tuesday, September 2 2014 6:44 PM EDT2014-09-02 22:44:14 GMT
    Lawyers for Detroit will attempt to convince a judge with the start of the city's bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.
    The plan to restructure billions of dollars in debt is the vehicle the Motor City needs to free up funds to provide services to residents and allow the city to survive, one of Detroit's attorneys told the federal judge...
  • 7-year-old boy injured while target shooting in California

    7-year-old boy injured while target shooting in California

    Tuesday, September 2 2014 7:26 AM EDT2014-09-02 11:26:02 GMT
    A 7-year-old boy remained in a Sacramento, California, hospital Monday, two days after he was injured while target shooting, authorities said Monday.
    A 7-year-old boy remained in a Sacramento, California, hospital Monday, two days after he was injured while target shooting, authorities said Monday.
  • Jennifer Lawrence requests nude pics investigation

    Jennifer Lawrence requests nude pics investigation

    Monday, September 1 2014 1:27 PM EDT2014-09-01 17:27:57 GMT
    67th international film festival, Cannes, southern France, Saturday, May 17, 2014. (Photo by Arthur Mola/Invision/AP)67th international film festival, Cannes, southern France, Saturday, May 17, 2014. (Photo by Arthur Mola/Invision/AP)
    A publicist for Jennifer Lawrence says the actress has contacted authorities after nude photos of her were apparently stolen and posted online.
    A publicist for Jennifer Lawrence says the actress has contacted authorities after nude photos of her were apparently stolen and posted online.
Powered by WorldNow

1205 Front St., Raleigh
N.C., 27609

Telephone: 919.836.1717
Fax: 919.836.1687
Email: newstips@wncn.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.