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Sun, 2013-07-21 17:56 — Kathy Gilbeaux
Protestors in Detroit last month objected to plans to cut pension benefits of city workers and retirees.
cnn.com - by Chris Isidore - July 18, 2013
NEW YORK (CNNMoney)
Detroit filed for bankruptcy Thursday, becoming the nation's largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar.
The bankruptcy was filed by Emergency Manager Kevyn Orr and approved by Michigan Gov. Rick Snyder. Snyder said the financial condition of the city left him no choice.
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Judge: Detroit Bankruptcy Filing Unconstitutional
huffingtonpost.com - by Ashley Woods - July 19, 2013
Detroit's historic bankruptcy filing is "unconstitutional" and must be withdrawn, according to rulings filed Friday afternoon.
Ingham County Circuit Judge Rosemarie Aquilina said that Detroit's bankruptcy filing violates the Michigan Constitution, which bans any action that threatens to cut the pension benefits of public employees, according to the Detroit Free Press.
Lawyers representing the city's pension funds and some retirees had won an emergency hearing Thursday afternoon to block the bankruptcy filing, CNN Money reports.
(READ COMPLETE ARTICLE)
Detroit Isn’t Alone - Other U.S. Cities Have Gone Bankrupt
washingtonpost.com - by Brad Plumer - July 18, 2013
On Thursday, the city of Detroit filed for bankruptcy protection after being saddled with debts totaling more than $18.5 billion.
That makes Detroit the largest city in the United States ever to file for bankruptcy — the previous record was held by Stockton, California, which was half the size and owed $26 million. The previous debt record, meanwhile, went to Jefferson County, Alabama, which owed $4 billion when it filed for bankruptcy in 2011.
(READ COMPLETE ARTICLE)