Thousands of Detroit city employees and retirees lost big on July 18, 2013, when a state-appointed manager made Detroit the largest U.S. city to file for bankruptcy.
The new 685-foot tall tower under construction on the former Hudson's site is seen, Friday, July 7, 2023, in Detroit. On July 18, 2013, a state-appointed manager made Detroit the largest U.S. city to file for bankruptcy. A decade later, the Motor City has risen from the ashes of insolvency, with balanced budgets, revenue increases and millions of dollars socked away.
"You become a firefighter because that’s your passion and you’ll make a decent living. You would retire with a good pension," said Berent, who told The Associated Press that his monthly pension payments will be more than $1,000 lower than expected due to the bankruptcy. Detroit exited bankruptcy in December 2014 with about $7 billion in debt restructured or wiped out and $1.7 billion set aside to improve city services. Businesses, foundations and the stateThe pension cuts were necessary, Orr insisted.
“In some ways, it represented the failure of all of us who had been working so hard to achieve the renaissance,” Varner said. “On the flip side ... maybe this is the fresh start? I think we’ve been making great progress.”for years after the bankruptcy filing, has reported nine consecutive years of balanced budgets and strong cash surpluses.
Jay Aho and his wife, Tanya, have seen improvements in their eastside neighborhood. Along nearby Sylvester Street, about half a dozen vacant homes have been torn down and just one ramshackle house remains, with peeling siding, sagging roof and surrounded by waist-high weeds, trees and a thriving rose bush. Rabbits, deer and pheasants have started to appear in the grass and weed-filled vacant lots.Born in southwest Detroit, 32-year-old Arielle Kyer also sees improvements.
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