Detroit Has 100,000+ Creditors
Via the Detroit Free Press:
This is going to get very, very ugly.
The city of Detroit filed thousands of documents in its bankruptcy caselate Thursday, as Detroit emergency manager Kevyn Orr builds a case that the city is insolvent and must execute a dramatic restructuring with the court’s support.
Orr restated his case that the city cannot pay its bills and has nearly $20 billion in liabilities.
Among the documents are more than 3,000 pages listing all of the city’s creditors, which number more than 100,000.
The list includes the names of all of the city’s active employees and its retirees, a list of properties that have tax claims with the city, numerous bondholders, business creditors and companies that insured Detroit debt.. . .
- Greg Pollowitz