A federal judge ruled Tuesday that Detroit, Michigan is indeed eligible for bankruptcy protection, giving the go-ahead to the once booming Motor City to move forward with plans to restructure more than $18 billion in debt.
Amid reading excerpts from a lengthy decision of more than 140 pages, United States Bankruptcy Judge Steven Rhodes announced during Tuesday morning’s historic hearing that he approved of Detroit’s Chapter 9 filing, in turn authorizing the largest municipal bankruptcy ever in the US to proceed. Continue reading “Federal judge lets Detroit move forward with largest bankruptcy in US history”