Detroit's Bing, Orr on City's Bankruptcy Petition

Detroit's Bing, Orr on City's Bankruptcy Petition Play

July 18 (Bloomberg) -- Detroit Mayor Dave Bing and Kevyn Orr, the city's emergency manager, speak at a news conference about Detroit's decision to file for bankruptcy as it tries to eliminate a budget deficit and cut long-term debt. The city listed assets and debt of more than $1 billion in a Chapter 9 petition filed today in court in Detroit. Chapter 9 of the U.S. Bankruptcy Code is reserved for municipalities and differs from the rules used by bankrupt companies in Chapter 11. (Source: Bloomberg)

  • On Air Now

    PAID PROGRAMMING Watch Now

  • Next

    PAID PROGRAMMING

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

blog comments powered by Disqus