A look at the next steps for Detroit - New York News

A look at the next steps for Detroit

Posted: Updated:
  • Detroit BankruptcyMore>>

  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
  • $350 million on the table for Detroit, judge needed to approve Barclay's loan

    $350 million on the table for Detroit, judge needed to approve Barclay's loan

    Wednesday, November 6 2013 3:03 PM EST2013-11-06 20:03:18 GMT
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.
    On Tuesday, the city of Detroit asked a federal judge to approve its deal to borrow up to $350 million to help the city pay off some of its debts and to provide city services.
DETROIT (AP) -

Detroit became the largest U.S. city to file for bankruptcy, raising a flurry of questions about what happens next. Here's a look at what's known about the next steps:

WILL THE LIGHTS GO OUT?

The city's emergency manager, Kevyn Orr, says the city will be open and bills will be paid. And it can do things like keep police on the streets, firefighters on duty and water running. The question is whether these services will be cut later.

HOW LONG WILL IT TAKE?

Detroit is by far the largest city to file for municipal bankruptcy, and because it is, the timeframe for the case isn't known. It could take years to resolve.

WHAT HAPPENS IN COURT?

A bankruptcy judge will be appointed to oversee the case. The city will have to come forward with a list of its creditors and how much it owes them. That wasn't included in the initial Chapter 9 filing. It will also have to prove that it can't pay its bills. Orr has said previously that the city wasn't going to pay some of its debt.

A judge also will likely stay lawsuits against the city. Bankruptcy could change pension and retiree benefits, which are guaranteed under state law.

WHAT WILL THE JUDGE DO?

If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment. The city would propose a reorganization plan. The wide-ranging plan could include anything from selling assets, layoffs, changing union contracts and more. Then, the city would need the support of creditors to emerge from bankruptcy.

  • Local NewsLocal NewsMore>>

  • Brooklyn man charged in shooting that wounded teen bystander

    Brooklyn man charged in shooting that wounded teen bystander

    Friday, April 18 2014 7:35 PM EDT2014-04-18 23:35:59 GMT
    The NYPD has arrested and charged a suspect in the shooting of a teenaged bystander as well as another man in Brooklyn. Police on Friday charged Kareem Potomont, 21, with two counts of attempted murder, assault, criminal possession of a weapon, criminal use of a firearm, and reckless endangerment in connection with the shooting that took place near a bus stop on Flatbush Avenue on Monday, April 14.
    The NYPD has arrested and charged a suspect in the shooting of a teenaged bystander as well as another man in Brooklyn. Police on Friday charged Kareem Potomont, 21, with two counts of attempted murder, assault, criminal possession of a weapon, criminal use of a firearm, and reckless endangerment in connection with the shooting that took place near a bus stop on Flatbush Avenue on Monday, April 14.
  • Special Olympics: Athlete Jessica Spitz

    Special Olympics: Athlete Jessica Spitz

    Friday, April 18 2014 6:35 PM EDT2014-04-18 22:35:09 GMT
    Jessica Spitz, 18, is training for one of the biggest days of her life. The Commack, Long Island, High School senior will be competing in the 2014 Special Olympics USA Games in the 100-yard dash and the shot put. From the moment Jessica joined Special Olympics last year, she was hooked.
    Jessica Spitz, 18, is training for one of the biggest days of her life. The Commack, Long Island, High School senior will be competing in the 2014 Special Olympics USA Games in the 100-yard dash and the shot put. From the moment Jessica joined Special Olympics last year, she was hooked.
  • Faithful flock to Bronx church for its grotto water

    Faithful flock to Bronx church for its grotto water

    Friday, April 18 2014 5:43 PM EDT2014-04-18 21:43:31 GMT
    While a thousand people streamed into a courtyard at St. Lucy Parish in the Bronx to watch a reenactment of the crucifixion of Christ, next door a steady trickle of believers quietly collected water from that church's grotto, taking the liquid home to heal, cure, and bless.
    While a thousand people streamed into a courtyard at St. Lucy Parish in the Bronx to watch a reenactment of the crucifixion of Christ, next door a steady trickle of believers quietly collected water from that church's grotto, taking the liquid home to heal, cure, and bless.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices