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Newspaper
Holland Sentinel
Location
Holland, Michigan, United States of America
Date
Jul 21, 2013
Page
6
Detroit becomes the largest American city to seek bankruptcy protection as federal rescue options fade. The city faces a potential $20 billion bailout while Congress remains wary and national resources tighten under debt and automatic spending cuts. President Obama struggles to push proposals forward.
A large mixed text notes a three day prayer, political quotes about Detroit bailouts, and details on Detroit's municipal bankruptcy. It covers Kevyn Orr’s plans to keep services running, the city’s status as the largest U S city in bankruptcy, potential timelines, and projected legal costs.
A bankruptcy judge will oversee the case and the city must reveal its creditors and total debts. It must prove it cannot pay its bills and may face halted lawsuits. Potential changes to pension and retiree benefits, guaranteed by state law, may follow.
If the bankruptcy filing is approved, city assets could be liquidated to satisfy creditors. The city would propose a reorganization plan potentially involving asset sales layoffs and union contract changes. Creditor support would be needed to emerge from bankruptcy.
Detroit native Aretha Franklin says the city’s bankruptcy does not define its future. In a Friday statement released by publicist David Brokaw, the Queen of Soul notes Detroit’s spirit and leadership will drive a comeback despite the bankruptcy filing. Franklin, 71, grew up singing in her father’s Baptist church in Detroit.
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