Detroit bankruptcy moves forward as judge rules city can shed debt

Discussion in 'News / Current Events' started by Revmitchell, Dec 3, 2013.

  1. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,332
    Likes Received:
    786
    Detroit's historic bankruptcy will move forward after a judge ruled Tuesday that the financially crumbling city is eligible to shed billions in debt.

    Judge Steven Rhodes turned down objections from unions, pension funds and retirees, which all stand to lose big under any plan to address Detroit's long-term liabilities.

    The decision Tuesday was long-awaited, and clears the way for the city to proceed in the largest public bankruptcy in U.S. history.

    "This once proud and prosperous city can't pay its debts. It's insolvent. It's eligible for bankruptcy," Rhodes said in announcing his decision. "At the same time, it also has an opportunity for a fresh start."

    http://www.foxnews.com/politics/2013/12/03/judge-detroit-eligible-for-chapter-bankruptcy/
     
  2. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,332
    Likes Received:
    786
    These poor people are going to lose a good portion of their pensions. I cannot imagine what that is like. After all the years of planning and now all that down the tubes. Very sad
     
  3. thisnumbersdisconnected

    thisnumbersdisconnected
    Expand Collapse
    New Member

    Joined:
    Apr 11, 2013
    Messages:
    8,448
    Likes Received:
    0
    Yet their unions are the very ones who caused the largest portion of Detroit's insolvency, having insisted on 100% funding of the criminally exorbitant pensions in the first place.
     

Share This Page

Loading...