After nearly five long months of number crunching since first filing for Chapter 9 bankruptcy protection, Detroit was finally declared insolvent by U.S. Bankruptcy Judge Steven Rhodes. Although the judge’s 140-page ruling on Tuesday makes Detroit eligible to proceed with its Chapter 9 bankruptcy, emergency manager Kevyn Orr will continue to face opposition while proceeding towards the city’s next big step. Several organizations including the American Federation of State and County and Municipal Employees have filed immediate appeals in an attempt to protect pensions and benefits for municipalworkers and retirees. The show will go on for now though, despite opposition. Orr’s next step is to submit a plan to adjust and restructure Detroit’s approximately $18 billion in debt.
To learn more about Judge Rhodes’s ruling and its impact, check out NBC New’s article.