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If creditors reject the plan, Detroit could be forced into what would be by far the largest-ever municipal bankruptcy in US history.
Orr said there is a “50:50” chance the city will be forced into bankruptcy and that decision would likely happen in the next 30 days.
"Financial mismanagement, a shrinking population, a dwindling tax base and other factors over the past 45 years have brought Detroit to the brink of financial and operational ruin," Orr said.
Detroit could end up with legal bills in the hundreds of millions of dollars and far more cuts in its already-meager public services, meaning potentially fewer cops and firefighters and more city departments privatized or eliminated outright. Workers could be terminated, and those who stay would face deep pay and benefits cuts.
A federal bankruptcy judge could allow the city -- or the state, through an emergency financial manager -- to rewrite labor contracts or toss them out altogether. The city could find itself proposing the sale of major city assets to pay down its enormous debts.
Originally posted by boymonkey74
reply to post by HomerinNC
Darkbake fancy setting up a merc unit we could call it the ATS team.