The city of Detroit filed thousands of pages of documents in its bankruptcy case late 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....
The city's largest creditors are the General Retirement System of the City of Detroit ($2.037 billion in unfunded liabilities), the Police and Fire Retirement System of the City of Detroit ($1.437 billion in unfunded and accrued pension liabilities), U.S. Bank N.A. as a trustee for pension certificate holders ($801 million), U.S. Bank as a trustee for other pension certificates ($516 million), U.S. Bank as trustee for other pension liabilities ($153 million), U.S. Bank as a bond registrar and transfer agent ($100 million in unlimited tax general obligation bonds) and U.S. Bank as bond registrar and transfer agent ($73.5 billion in limited tax general obligation capital improvement bonds)....
Notably, city has not changed its preliminary estimate that the pension funds are underfunded by $3.5 billion.
And for those worried about the city’s works of arts and other treasures, an exhibit explains that the emergency manager continues to evaluate the value of the city’s assets to determine how to “maximize” their value but at this time “no decisions have been made regarding any particular asset.”
http://www.freep.com/article/20130719/NEWS01/307190028/Detroit-files-thousands-documents-bankruptcy-lists-100-000-creditors
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