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2 weeks ago

Detroit bankruptcy case officially closes more than 13 years after historic filing

Detroit’s historic bankruptcy case — the largest municipal bankruptcy in U.S. history — has officially closed more than 13 years after the city first sought Chapter 9 protection amid a financial collapse that reshaped the city’s finances, pensions and long-term fiscal strategy.U.S. Bankruptcy Judge Thomas Tucker granted the city’s motion for a final decree this week, formally ending the case after determining administration of the bankruptcy had been completed.The closure marks the end of a years-long restructuring effort that eliminated roughly $7 billion in debt and restructured another $3 b...