My Comment:  Please read the comment I got on a previous post this morning.  I found it very interesting.  Here’s the post where the comment was made:  Detroit bankruptcy: Governor authorizes filing, declaring ‘no viable alternative’  (Click title to read)

(Fox News) A judge says Detroit is eligible to fix its finances in bankruptcy court.

The ruling Tuesday clears the way for the city to come up with a plan to shed $18 billion in debt. It comes four months after Detroit sought Chapter 9 protection in the largest public filing in U.S. history.

Detroit must propose a plan to Judge Steven Rhodes, although mediators have been meeting privately with the city and creditors with the hope of striking deals.

Unions and Detroit’s public pension funds vigorously opposed bankruptcy during a nine-day trial. They claim emergency manager Kevyn Orr and his team didn’t negotiate in good faith before the summer filing, a requirement for a government to be eligible to shed debts under Chapter 9.

Read the full article:  Judge: Detroit eligible for Chapter 9 bankruptcy | Fox News

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• Judge to rule on Detroit’s bankruptcy eligibility (usatoday.com)

Categories: news

Tags: bankruptcy, Chapter 9 Title 11 United States Code, detroit, Financial emergency, Good faith, History of the United States, Kevyn Orr, Steven Rhodes