City of Detroit Chapter 9 Bankruptcy
Calling the city’s settlement with pensioners a near “miraculous” outcome, U.S. Bankruptcy Judge Steven Rhodes on Nov. 7 confirmed Detroit’s restructuring plan, paving the way for an end to the largest municipal bankruptcy in U.S. history. The plan slashes more than $7 billion of the city’s $18 billion in debt and reinvests $1.4 billion over the next decade in public services and blight removal.
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