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Bankruptcy in the City of Detroit

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Title: Bankruptcy in the City of Detroit
Description: The June 2013 bankruptcy of the city of Detroit, Michigan was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load and increasing retiree costs. These financial strains led to cuts in basic public services, declines in population, and significant urban blight. The State of Michigan appointed an Emergency Manager, Kevyn Orr, to lead the city though the restructuring process. In March 2014 Kevin Orr and his team put forth a restructuring plan to the city's creditors that provides for needed reinvestment in City services, but low recoveries for unsecured creditors. The city's plan also proposes that a collection in the Detroit Institute of Art be transferred to a trust funded by philanthropists, with the proceeds accruing solely to retirees, rather than to all creditors. Kevyn Orr and his team must now find consensus on a plan that meets the needs of the city and is acceptable to its creditors.
Authors: Annelena Lobb, Kristin Mugford, Stuart C. Gilson
Resource Type: eBook.
Categories: BUSINESS & ECONOMICS / General
Database: eBook Collection (EBSCOhost)
FullText Links:
  – Type: ebook-pdf
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  Availability: 0
Header DbId: nlebk
DbLabel: eBook Collection (EBSCOhost)
An: 2309267
RelevancyScore: 1064
AccessLevel: 6
PubType: eBook
PubTypeId: ebook
PreciseRelevancyScore: 1063.91076660156
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Items – Name: Title
  Label: Title
  Group: Ti
  Data: Bankruptcy in the City of Detroit
– Name: Abstract
  Label: Description
  Group: Ab
  Data: The June 2013 bankruptcy of the city of Detroit, Michigan was, at the time, the largest municipal bankruptcy in American history. Detroit had struggled for years with a weakening tax base, high unemployment, a heavy debt load and increasing retiree costs. These financial strains led to cuts in basic public services, declines in population, and significant urban blight. The State of Michigan appointed an Emergency Manager, Kevyn Orr, to lead the city though the restructuring process. In March 2014 Kevin Orr and his team put forth a restructuring plan to the city's creditors that provides for needed reinvestment in City services, but low recoveries for unsecured creditors. The city's plan also proposes that a collection in the Detroit Institute of Art be transferred to a trust funded by philanthropists, with the proceeds accruing solely to retirees, rather than to all creditors. Kevyn Orr and his team must now find consensus on a plan that meets the needs of the city and is acceptable to its creditors.
– Name: Author
  Label: Authors
  Group: Au
  Data: <searchLink fieldCode="AR" term="%22Annelena+Lobb%22">Annelena Lobb</searchLink><br /><searchLink fieldCode="AR" term="%22Kristin+Mugford%22">Kristin Mugford</searchLink><br /><searchLink fieldCode="AR" term="%22Stuart+C%2E+Gilson%22">Stuart C. Gilson</searchLink>
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  Data: eBook.
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  Data: <searchLink fieldCode="ZK" term="%22BUSINESS+%26+ECONOMICS+%2F+General%22">BUSINESS & ECONOMICS / General</searchLink>
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RecordInfo BibRecord:
  BibEntity:
    Languages:
      – Code: eng
        Text: English
    Titles:
      – TitleFull: Bankruptcy in the City of Detroit
        Type: main
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      – PersonEntity:
          Name:
            NameFull: Annelena Lobb
      – PersonEntity:
          Name:
            NameFull: Kristin Mugford
      – PersonEntity:
          Name:
            NameFull: Stuart C. Gilson
      – PersonEntity:
          Name:
            NameFull: Annelena Lobb
      – PersonEntity:
          Name:
            NameFull: Kristin Mugford
      – PersonEntity:
          Name:
            NameFull: Stuart C. Gilson
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          Dates:
            – D: 01
              M: 01
              Type: published
              Y: 2015
          Titles:
            – TitleFull: Bankruptcy in the City of Detroit
              Type: main
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