Article Image
News Link • Government Debt & Financing

Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules

• Zero Hedge

As somewhat expected - though hoped against by many Detroit union workers - Judge Steven Rhodes appears to have confirmed Detroit is eligible for bankruptcy protection (after pointing out that the city's accounting was accurate and it is indeed insolvent) making this the largest ever muni bankruptcy.
JUDGE RHODES SAYS HE WILL ALLOW PENSION CUTS IN DETROIT'S BANKRUPTCY DETROIT JUDGE: NOTHING SEPARATES PENSIONS FROM OTHER DEBT 

Join us on our Social Networks:

 

Share this page with your friends on your favorite social network:


Purse.IO Save on All Amazon Purchases