Federal judge rules Detroit eligible for bankruptcy

[JURIST] A judge for the US Bankruptcy Court for the Eastern District of Michigan [official website] ruled Tuesday that the city of Detroit is eligible to file for bankruptcy under Chapter 9 of the US Bankruptcy Code [US Courts backgrounder], marking the largest municipal bankruptcy in the nation's history. In an oral ruling, Judge Steven Rhodes authorized the bankruptcy filing, declaring the city insolvent [WP report] because it owes approximately $18 billion to more than 100,000 creditors, which is harming...

Source: http://jurist.org/paperchase/2013/12/federal-court-rules-detroit-eligible-for-bankruptcy.php

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