Yesterday, Detroit became the largest municipality in U.S. history to declare bankruptcy. Such an action is unprecedented, so the path forward is murky. Yet one word seems to signify what lies ahead over the next year: battles.
"Detroit on Thursday became the largest American city to file for bankruptcy, a historic move sure to ignite complex battles in coming months with creditors, pensioners and unions who stand to lose significantly as the state tries to rescue a city whose failure Gov. Rick Snyder said was 60 years in the making," report Matt Helms, Nancy Kaffer and Stephen Henderson.
"Bankruptcy and restructuring experts said the filing will initiate a new round of battles in federal court, potentially setting national precedents on matters ranging from whether bondholders get repaid when cities run out of money to whether public pensions, previously thought to be sacrosanct under the Michigan Constitution, are protected in municipal bankruptcies."
"Financially troubled cities around the nation will be watching what happens in the Motor City for lessons that could apply to them."
Nathan Bomey has provided a step-by-step look at what the Chapter 9 process will entail.
FULL STORY: Detroit's bankruptcy to set off pitched battles with creditors, pensions, unions
Inside the Detroit Bankruptcy
On bookshelves today, Detroit Resurrected: To Bankruptcy and Back provides inside baseball details of how the city of Detroit managed to recover from the largest municipal bankruptcy in U.S. history.
Bankruptcy in Detroit—The Tip of the Iceberg
One of the scariest things about Detroit's bankruptcy proceedings is that the fiscal choices that city made has been repeated in many other cities.
Judge Allows Detroit Bankruptcy to Proceed
U.S. Bankruptcy Judge Steven Rhodes ruled today that the city of Detroit is eligible for bankruptcy protection, allowing the city to proceed with the largest municipal bankruptcy in U.S. history. Public employee unions are expected to appeal.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
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Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
Brightline West Breaks Ground
The high-speed rail line will link Las Vegas and the Los Angeles area.
Colorado Bans No-Fault Evictions
In most cases, landlords must provide a just cause for evicting tenants.
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HUD's Office of Policy Development and Research
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HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
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ULI Northwest Arkansas
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