Detroit Eligible for Bankruptcy

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detroitU.S. Bankruptcy Judge Steven Rhodes ruled today that Detroit is eligible for bankruptcy, the largest municipal filing in history.

In the historic ruling, Rhodes said pensions can be cut as part of Detroit’s bankruptcy-a move that the city’s unions are likely to appeal.

In the bitter nine-day court battle leading up to Rhodes’s ruling, emergency city manager Kevyn Orr has argued that the city’s $18 billion debt-as well as its long-term liabilities-must be reduced to help the city move out of bankruptcy. Read more at the Detroit Free Press.

{Andy Heller-Matzav.com Newscenter}

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