Detroit Emergency Manager Files Ch. 9 Bankruptcy - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Detroit Emergency Manager Files Ch. 9 Bankruptcy

Posted: Updated:

Detroit Mayor Dave Bing says he didn't want the city to go bankrupt, but now that it's happened, the people of the city "have to make the best of it." 
 
Emergency financial manager Kevyn Orr says it's business as usual in Detroit. He says the city will stay open and bills will be paid.
 
The comments came after Detroit became the biggest U.S. city to file for bankruptcy Thursday.

The filing put the city on an uncertain course that could mean laying off municipal employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts. 
 
A number of factors -- most notably steep population and tax base falls -- have been blamed on Detroit's tumble toward insolvency. 
 
Detroit lost a quarter-million residents between 2000 and 2010. 
 
Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit.   (AP)

  • Today's Top StoriesMore>>

  • Aces Thump River Cats to Pull Even

    Aces Thump River Cats to Pull Even

    Friday, August 29 2014 3:11 AM EDT2014-08-29 07:11:56 GMT
    The Reno Aces jumped out to a second-inning 8-0 lead and went on to a 9-4 win over the Sacramento River Cats Thursday night at Raley Field. More >>
    The Reno Aces jumped out to a second-inning 8-0 lead and went on to a 9-4 win over the Sacramento River Cats Thursday night at Raley Field. More >>
  • Reno Police Shoot Robbery Suspect

    Reno Police Shoot Robbery Suspect

    Monday, September 1 2014 2:58 AM EDT2014-09-01 06:58:19 GMT
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
  • Aces Win to Force Winner Take All Game on Labor Day

    Aces Win to Force Winner Take All Game on Labor Day

    Monday, September 1 2014 2:09 AM EDT2014-09-01 06:09:23 GMT
    The Reno Aces used a pair of home runs and a dominant relief performance by Bo Schultz to grab a decisive 7-3 win over the Sacramento River Cats Sunday night at Raley Field.More >>
    The Reno Aces used a pair of home runs and a dominant relief performance by Bo Schultz to grab a decisive 7-3 win over the Sacramento River Cats Sunday night at Raley Field.
    More >>
  • Most Popular StoriesMost Popular StoriesMore>>

  • Reno Police Shoot Robbery Suspect

    Reno Police Shoot Robbery Suspect

    Monday, September 1 2014 2:58 AM EDT2014-09-01 06:58:19 GMT
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
    Multiple agencies are investigating after an armed robbery suspect was shot and killed by police in front of a Reno casino Sunday evening. More >>
  • Man Stabbed Multiple Times Across from UNR

    Man Stabbed Multiple Times Across from UNR

    Saturday, August 30 2014 4:36 PM EDT2014-08-30 20:36:37 GMT
    Reno police are searching for the suspect who they say stabbed a man multiple times over fake University of Nevada football tickets.More >>
    Reno police are searching for the suspect who they say stabbed a man multiple times over fake University of Nevada football tickets.More >>
  • Fatal Rollover on Highway 50

    Fatal Rollover on Highway 50

    Saturday, August 30 2014 3:11 PM EDT2014-08-30 19:11:01 GMT
    One is left dead after a vehicle rolled over on Highway 50 at East Nye.More >>
    One is left dead after a vehicle rolled over on Highway 50 at East Nye.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.