by Gene Amromin,and Ben Chabot – Chicago Fed Letter, Federal Reserve Bank of Chicago
On July 18, 2013, Detroit became the largest municipality to seek protection under Chapter 9 of the U.S. Bankruptcy Code. This article describes several ways in which Detroit’s bankruptcy filing has the potential to alter some of the key assumptions of municipal bond (muni) finance, and examines the market reaction to date.
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Detroit’s bankruptcy: The uncharted waters of Chapter 9
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