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According to a Detroit area bankruptcy attorney, legal costs for the bankruptcy proceedings could cost Detroit "tens of millions to hundreds of millions of dollars." [34] Orr hopes that Detroit can emerge from bankruptcy by late Summer or Fall in 2014; he says that the process is moving as "expeditiously as possible". [35]
Kevyn Duane Orr [1] (born May 11, 1958) is an American lawyer who served as the emergency financial manager of the city of Detroit from 2013 to 2014 during the city's Chapter 9 bankruptcy. [ 2 ] [ 3 ] Orr is now a partner at the law firm Jones Day in its bankruptcy practice.
Detroit was determined by a state-appointed review team to be in severe financial distress in 2012. The architect of Detroit's bankruptcy filing 10 years ago says it was the best fix for a broken city
Detroit's emergency manager Kevyn Orr will soon That was the determination of Judge Steven Rhodes earlier this week. The city can now proceed with its Chapter 9 bankruptcy.
By KATE ROGERS Detroit made history Thursday as the largest American city in history to ever file for Chapter 9 bankruptcy protection. The once vibrant city rooted in auto manufacturing and music ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]