Detroit retirees trim the future pension after judge's bankruptcy ruling
Detroit City defends the potential large scale reduction including the US bankruptcy law Chapter 9, the retiree's pension and the sudden loss of unsecured creditors, which will govern the local government, and will restructure the city to Detroit It seems like it is probably the order of the day. U.S. bankruptcy judge Steven Rose read loudly for over an hour from the prepared text and met December 3, specific legal criteria necessary for receiving protection from creditors, so Detroit Was officially judged to be bankrupt qualified. As a result, Detroit now has the title of "the biggest bankruptcy city in the history of the United States". Detroit has $ 18.5 billion in debt and retirement benefits and retiree healthcare account for half of the debt resulting in $ 5.7 billion in obligations arising from retiree healthcare and $ 3.5 billion in unfunded pension obligations Has been added. Rose argued that the city was not "negotiating in good faith" with the credito...