Report: Detroit To Shed $7B In Debt During Bankruptcy
According to internal city documents obtained by the Detroit Free Press, the City of Detroit expects to shed about $7 billion in debt in Chapter 9 bankruptcy, allowing the city to escape 74% of its unsecured liabilities and reinvest heavily in services. The documents show, the debt-cutting goals, which will still face extensive scrutiny and opposition during a sweeping mid-August bankruptcy trial, come at a steep price, with investment banking firm Miller Buckfire expected to charge $28 million for helping the city restructure.
“Report: Detroit To Shed $7B In Debt During Bankruptcy” is categorized as “world”. This video was licensed from Grab Networks. For additional video content, click the “video” tab at the top of this page.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.