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  1. #1
    Elite Slowduck's Avatar
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    Default Detroit is officially bankrupt

    -DETROIT-
    The city of Detroit officially became the largest city to enter Chapter 9 bankruptcy after a judge declared it met the specific legal criteria required to receive protection from its creditors.

    The landmark ruling ends more than four months of uncertainty over the fate of the case and sets the stage for a fierce clash over how to slash an estimated $18 billion in debt and long-term liabilities that have hampered Detroit from attacking pervasive blight and violent crime.
    Even though Michigan Council 25 of the American Federation of State, County and Municipal Employees already has filed an appeal and more will come in days ahead the bankruptcy code provides for Chapter 9 to continue while appeals are pending that challenge, said Clark Hill lawyer Robert Gordon, who represents the city's pension funds and will be filing an appeal.
    The city now will proceed with its plan to introduce a proposal to restructure its debt and reshape government operations.

    Detroit Emergency Manager Kevyn Orr said his team plans to submit the plan of adjustment "in the coming weeks," file a disclosure statement early next year and work to exit Chapter 9 protection by the end of September.
    "Time is of the essence, and we will continue to move forward as quickly and efficiently as possible," Orr said in a statement. "We hope all parties will work together to help us develop a realistic restructuring plan that improves the financial condition of Detroit and the lives of its 700,000 citizens."
    The plan is expected to include controversial cuts to unsecured creditors and asset sales, including a potential spinoff of the water and sewer department and the possible sale of Detroit Institute of Arts property.

    Source - http://www.usatoday.com/story/news/n...ility/3849833/
    thoughts/opinions?

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  2. #2
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    Default

    I saw this coming long ago. we did a project about this in school.

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    Quote Originally Posted by Kori
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  3. #3
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    Default

    I don't know if any of you guys live/have been to Detroit recently but it's pretty bad down there. 3rd world country conditions in the rough parts.

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  4. #4
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    Default

    Yea. The Police and fire department don't get to most areas, lots of houses are vacant. Crazy shit.

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    Quote Originally Posted by Kori
    torrents are gay. Free is where it's at.
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  5. #5
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    Default

    oh damn i didnt know detroit was in that bad of damage

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  6. #6
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    Default

    Quote Originally Posted by T.B.W View Post
    oh damn i didnt know detroit was in that bad of damage
    $18 billion in debt. Apparently Paul Walkers death was more important to cover than an entire US city going bankrupt.

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  7. #7
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    Them building the stadium didn't help either.

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    Quote Originally Posted by Kori
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    Default

    Quote Originally Posted by Beaver View Post
    I don't know if any of you guys live/have been to Detroit recently but it's pretty bad down there. 3rd world country conditions in the rough parts.
    Been down 8 Mile a couple times. Believe me, it looks like a war zone. At least I can still cheer on the Red Wings.

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  9. #9
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    Quote Originally Posted by Icee View Post
    Been down 8 Mile a couple times. Believe me, it looks like a war zone. At least I can still cheer on the Red Wings.
    Don't you dare tell me you visited that pawn shop.

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  10. #10
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    Default

    Holy shit.. I know they were facing bad conditions, but I did not see this coming..

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    #gamedevelopment


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