Detroit poised to exit bankruptcy

[webfact]

Detroit poised to exit bankruptcy
By Kim Gittleson
BBC business reporter, North America

(BBC) The city of Detroit will start the process of paying off its creditors on Wednesday, as it officially exits the largest civic bankruptcy in US history.

Once a symbol of US industrial power, Detroit declared itself broke in July 2013, with $18bn (£11bn) worth of debt.

In a letter to to Michigan governor Rick Snyder, the city's emergency manager, Kevyn Orr, said Detroit's financial crisis had been "rectified".

Mr Orr, who resigned from his post, said the city was "poised to grow".

He said ending the bankruptcy proceedings was a "milestone", but cautioned that more work remained.

"If the city takes advantage of this unique opportunity to shed the problems of the past and stays on the path that has been blazed in restructuring, Detroit is poised to grow and thrive for the benefit of its residents and this state for many years to come," he wrote.

On 7 November, US judge Stephen Rhodes approved Mr Orr's plan for restructuring the city's finances, which involved shedding around $7bn of its $18bn in debt and other obligations.

Full story: http://www.bbc.com/news/business-30402223


-- BBC 2014-12-10

[NeverSure]

Detroit used to be the auto manufacturing capital of the world. During WWII the auto plants were converted to making war hardware and money flowed in. After the war when the soldiers returned jobs were abundant and there was a big demand for cars because none had been built during the war.

There was too much money and the auto workers and government employees put their snouts in the trough and broke the city and the auto manufacturers. The auto manufacturers fled the city en masse leaving it in ruins.

The OP is saying that the city is poised to grow. I don't see how. It is a wasteland of deserted buildings and crime. Who would want to go there? Houses have been auctioned off for $1.

THIS is the former manufacturing capital of the world whose business has either gone overseas or to tax friendlier states.

In the meantime Detroit just defaulted on 7 billion dollars worth of debt, and its managers say all is rosy.

America's manufacturing sector is doing great but NOT in Detroit.

Edited December 10, 2014 by NeverSure

[maidee]

maybe they have to watch some robocop movies and sell it to some big corporation to run everything, from drugs, to crime to police

[Morch]

Detroit used to be the auto manufacturing capital of the world. During WWII the auto plants were converted to making war hardware and money flowed in. After the war when the soldiers returned jobs were abundant and there was a big demand for cars because none had been built during the war.

There was too much money and the auto workers and government employees put their snouts in the trough and broke the city and the auto manufacturers. The auto manufacturers fled the city en masse leaving it in ruins.

The OP is saying that the city is poised to grow. I don't see how. It is a wasteland of deserted buildings and crime. Who would want to go there? Houses have been auctioned off for $1.

THIS is the former manufacturing capital of the world whose business has either gone overseas or to tax friendlier states.

In the meantime Detroit just defaulted on 7 billion dollars worth of debt, and its managers say all is rosy.

America's manufacturing sector is doing great but NOT in Detroit.

Spent some time looking at the images linked. Haunting, to say the least.

Still hard to reconcile this urban wasteland next door to other parts of the city.

[richusa]

My grandparents lived in Detroit, remembering walking to the parks and Hudsons departmet store.

When I was 17, I drove my friends to see their old house after they moved in 1965. So in 10 years, complete collapse.

All blacks on the street, my grandparents old house had no front door, windows, grass.......and they blame who?

Mayor Coleman Young was the downfall of Detroit.......Heroin was rampant.......and the police were overpowered, scared to do anything.

[muffy]

Richusa you are 110% correct , same with most big cities in the USA .

[slapout]

Some of the more notorious sections of the large cities could be fenced in, and left to sort themselves out There may not be so much as a football team to walk out after a year or so.

these areas of complete social breakdown and its physical destruction for fun, reminds me of the open garbage dumps and its rat population. we used to go rating with 22 rifles after dark.you cou hear them fighting before you turned the spotlight on to pop them. What the had not pissed on they destroyed or ate.