Detroit bankrupt: List of largest unsecured claims released
Updated On: Jul 19 2013 11:36:52 AM EDT
On Friday the United States Bankruptcy Court released a list of creditors which hold the 20 largest unsecured claims in relation to Detroit's Chapter 9 municipal bankruptcy filing.
Topping the list is Detroit's police and fire retirement system with a claim amount of $1,437,000,000.
Also on the list is the Detroit's Downtown Development Authority with a claim amount of $33,600,000.
READ: List of 20 Detroit creditors with largest unsecured claims.
On Thursday Detroit filed for Chapter 9 municipal bankruptcy.
The city has become the largest in U.S. history to file for bankruptcy protection.
Detroit Emergency Manager Kevyn Orr officially made the filing on Thursday afternoon. Michigan Gov. Rick Snyder had to authorize the filing. Local 4 spoke with the governor Thursday evening.
"This was a very difficult and painful decision but if you look at it there is no other viable option," Snyder said. "People have been trying to get a resolution in good faith for some time now ... many people may say this is the lowest point in Detroit's history but if we weren't to do this, the way I view it, Detroit would continue going downhill."
Complete coverage: Detroit Bankruptcy section