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You are here: Home Financial Pensions At Risk Nationwide After Ruling

Pensions At Risk Nationwide After Ruling

 

NEW YORK – With dozens of U.S. cities struggling to cope with diminishing municipal tax revenues and rising city expenses, Detroit’s bankruptcy ruling sent shock waves through city employees and unions nationwide.

In a dramatic ruling Tuesday, U.S. bankruptcy Judge Stephen Rhodes said Detroit, the largest U.S. city ever to declare bankruptcy, is eligible to proceed with the city’s Chapter 9 filing. The decision clears the way for Detroit’s emergency manager, Kevyn Orr, to negotiate with approximately 100,000 creditors to bring the city out from under $18.5 billion in debt.

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