Published in the December 11, 2013 Edition of the Los Angeles Daily Journal
On Dec. 5, U.S. Bankruptcy Judge Steven W. Rhodes issued a 143-page opinion which came to the conclusion that the city of Detroit is “insolvent,” desires to effectuate a plan to
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adjust its debts, and filed its Chapter 9 bankruptcy petition in good faith. Accordingly, the objections of numerous parties were overruled and the city has had its order for relieve entered.
Some of the facts that Rhodes noted were sobering — the city has total debt of $18 billion; it has more than 100,000 creditors…
