(Advertisement)

Judge: Detroit eligible for Chapter 9 bankruptcy

Posted: December 3, 2013 at 11:15 a.m.

DETROIT — Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history, a judge said Tuesday in a long-awaited decision that now shifts the case toward how the city will accomplish that task.

Judge Steven Rhodes turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities.

But that plan isn’t on the judge’s desk yet. The issue for Rhodes, who presided over a nine-day trial, was whether Detroit met specific conditions under federal law to stay in bankruptcy court and turn its finances around after years of mismanagement, chronic population loss and collapse of the middle class.

Read more in Wednesday's Arkansas Democrat-Gazette.

(Advertisement)



« Previous Story

Food: Box of love

A care package full of homemade goodies is a heartwarming way to show someone far away how much you care. Read »

Next Story »

Holiday weekend gives a boost to auto sales

FILE - In this March 27, 2013 file photo, the 2014 Jeep Cherokee Limited is presented at the New York International Auto Show, in New York's Javits Center. Chrysler on Tuesday, Dec. 3, 2013 said its November U.S. sales rose a surprising 16 percent, a sign that the auto industry will beat strong numbers from a year ago. The company sold more than 10,000 Cherokees in the small crossover SUVs first full month on the market. (

DETROIT — The holiday weekend was good to U.S. automakers, as sales reports indicate the auto industry is on t... Read »