Detroit Bankruptcy Will Be A Clinic For Struggling Cities
By Maria Chutchian (July 19, 2013, 7:07 PM EDT) -- With Detroit's historic bankruptcy filing Thursday, other financially strapped cities, towns and counties across the country will be watching closely to how the once vibrant city addresses its pension obligations and bond debt, among other issues, before they dive into Chapter 9, experts said.
If Detroit is able to take control of its staggering debt — at least $18 billion, according to the city's emergency financial manager Kevyn Orr — it will be a watershed moment for municipal bankruptcies. The city of approximately 700,000 has been struggling to keep itself afloat for years, and its Chapter 9 petition is an acknowledgement...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!