Want to see what a bankrupt city looks like?
Example with Detroit in photos: http://www.marevueweb.com/photographies ... -en-ruine/
Public bankruptcies in the USA ... and at home? Correspondent
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There is the city in ruins, and the people who "live" there ... some much better off? and some in need of hatred and or gratuitous violence ....
http://www.lemonde.fr/international/art ... _3210.html
http://www.lemonde.fr/international/art ... _3210.html
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Reason is the madness of the strongest. The reason for the less strong it is madness.
[Eugène Ionesco]
http://www.editions-harmattan.fr/index. ... te&no=4132
[Eugène Ionesco]
http://www.editions-harmattan.fr/index. ... te&no=4132
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Detroit allowed to bankrupt
03 Dec 2013 The World
Detroit officially became Tuesday, December 3, the largest bankrupt US city. Judge Steven Rhodes stated that the municipality met the legal criteria to be protected by Chapter 9 of the US Bankruptcy Act. This decision puts an end to more than four months of uncertainty during which creditors and debtors clashed over how to reduce the 18 billion of debts accumulated by the city.
"The court finds that Detroit was and is insolvent," Judge Rhodes said during a hearing that lasted more than an hour and a half in a crowded court. The judgment, along 140 pages, is the epilogue of a trial that ended November 8.
During 9 days, unions and retirees' associations tried to convince justice that Kevyn Orr, the public administrator appointed by Michigan Republican Governor Rick Snyder, did not negotiate in good faith with the city's creditors and that it was possible to prevent the bankruptcy from taking place.
"ADJUSTMENT PLAN"
The challenge is to prevent debt restructuring from reducing the payment of pensions. But the judge has decided against them. The opening of bankruptcy proceedings will make it possible to suspend debt repayment in order to restructure it.
Jones Day's lawyers, who represent the city in the Bankruptcy Court, are expected to release the "adjustment plan" by the end of the year. This plan could include several components. Notably the fact that some creditors will have to give up some of the repayments they are owed.
This is particularly the case of pension funds to which the city owes 9,2 billion. The plan should also include the sale of the company that manages the city's water distribution, as well as the prestigious collections of the Detroit Institute of Arts.
http://www.lemonde.fr/ameriques/article ... _3222.html
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