Detroit files for Chapter 9 bankruptcy amid staggering debts

Detroit Michigan cityscapeDETROIT FREE PRESS – The City of Detroit filed this afternoon for Chapter 9 bankruptcy protection in federal court, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.

The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

Detroit emergency manager Kevyn Orr, who in June released a plan to restructure the city’s debt and obligations that would leave many creditors with much less than they are owed, had warned consistently that if negotiations hit an impasse, he would move quickly to seek bankruptcy protection.

Read more at the Detroit Free Press.

Comments

Polititainment

Ted Cruz loves 'The Simpsons'

Ted Cruz really likes "The Simpsons." The Republican presidential candidate detailed his fandom during an interview on The Federalist Radio Hour Thursday, spotlighting two of his favorite episodes of the cartoon television series.

Rubio asked to 'spit rap lyrics'

Marco Rubio, friend of Pitbull, fan of explicit 90s rap lyrics and Nick Minaj, and 2016 presidential candidate, has sadly declined an offer to perform his lyric-spitting talents on live TV.

Gwyneth Paltrow quits food stamps

According to the New York Post's Page Six, the actress has already dumped the food stamps challenge she agreed to last week, binging on two gourmet dinners in one night.

Maher: Obama should be a better bragger

The host of HBO's "Real Time" labeled the $1 million he donated to a pro-Obama Super PAC in 2012 -- an amount he won't ever give in support of Hillary Clinton -- a "great investment," commending the president on his accomplishments.

Tiny child weeps over Hillary 2016

When Hillary Clinton announced her presidential campaign yesterday, you were probably devastated. So was tiny Zeke here.

t u

2016

NC man's obit: Do not vote for Hillary in 2016
Who can deny a man his dying wish? Larry Darrell Upright hoped his last wish could help the future of America and determine the next president of the United States. Upright, 81, passed away Monday and while his obituary lists  the accomplishments, work history, and family life, it also includes one extra detail. “In lieu […]
Perry knocks 'young' GOP foes ahead of 2016

The possible 2016 contender during remarks to reporters in Nashua, New Hampshire, Thursday compared declared GOP presidential candidates Ted Cruz, Rand Paul and Marco Rubio to President Obama in order to illuminate why the young senators aren't yet the right leaders for the White House.

Jeb Bush: 'I don't need to go to Chipotle'

While munching and mingling with fellow Republicans at the Snow Shoe Club in Concord, New Hampshire, Bush was asked whether he frequents the fast-food chain Chipotle, at which Hillary Clinton was photographed purchasing lunch earlier this week in Maumee, Ohio.

Cruz, Rubio, Santorum on attending a gay wedding

Which 2016 candidates--declared or otherwise--would attend the gay marriage of a loved one?

Hillary's 'Scooby' van is handicapped

No, Hillary Clinton is not handicapped at the ripe age of 67. However, that didn't stop the Democratic candidate for president from apparently sticking her "Scooby" van in a handicap parking spot while stopping at a cafe in Council Bluffs, Iowa, Thursday.

Policy

Open Carry Wins Initial Approval in Texas House
TEXAS TRIBUNE — Texas is well on its way to allowing the open carry of handguns in public places after House lawmakers took an initial step to approve it Friday. After a debate that stretched for more than five hours, the chamber passed House Bill 910 from state Rep. Larry Phillips, R- Sherman, on second […]
The TSA trained Disney World, SeaWorld

Disneyland, where dreams come true and TSA-trained employees are watching your every yawn and fidget and marking you down as a possible terrorist.

Marijuana: Not just for stoners any more

The media always loves to accompany stories about marijuana policy with bad puns and pictures of stoners.

Cruz, Rubio, Santorum on attending a gay wedding

Which 2016 candidates--declared or otherwise--would attend the gay marriage of a loved one?

Poll: Millennials financially optimistic

Crippling college debt aside, young people are feeling pretty good about their prospects of late.