News

Judge Rules Detroit Qualifies For Bankruptcy

December 4, 2013

It is official. The city of Detroit is bankrupt. A judge has formally declared that Detroit meets the criteria to seek Chapter 9 protection, making it the largest municipal bankruptcy in U.S. history. But the cash-strapped city, laden with roughly $18 billion in long-term debt, faces a long road to regain financial solvency. Unions whose members face pension payment cuts are appealing the ruling, and the ultimate decision about paying the pensions may be made by the U.S. Supreme Court. WDET’s Quinn Klinefelter reports…