The Year(end) in Bankruptcy

The Year(end) in Bankruptcy

Detroit had an historical year in 2014, to say the least and to say it again.

The city’s bankruptcy – history’s largest municipal case, as we’ve said, written and blogged countless times — monopolized local news, and 2014 brought Detroit and the bankruptcy to the forefront of all local and some national news outlets. Former Emergency Manager Kevyn Orr and Bankruptcy Judge Steven Rhodes captured headlines, and the “grand bargain” became a household phrase.

Here is a look at some of the year-end news recaps as well as into what 2015 might hold for Detroit:

The city’s past and the future were discussed on 2014’s final Flash Point with optimism reigning supreme. Former City Council Shelia Cockrel, however, “cautions city officials that hard work is on the horizon as the return from bankruptcy continues.”

The WDIV program’s guests included  Portia Roberson, the city’s group executive for civil rights and ethics, Cockrel, political consultant  Adolph Mongo and The Detroit News’s Nolan Finley. The picture painted of the future is bright but not without bumps in the road.

Roberson predicts 2015 will “undoubtedly be a better year for the city of Detroit, thanks to the emergence from bankruptcy and resulting financial flexibility.” But Cockrel cautions city officials that there is plenty of work left. Mongo suggested ways the city can avoid past mistakes, Finley recommend focusing on raising revenues.

The Detroit Free Press provided comprehensive coverage throughout 2014 about the bankruptcy. Through their extensive reporting, Freep reporters composed a bit “manifesto” chronicling Detroit, the bankruptcy and how it got there. “And, ultimately, it’s the story of how, one by one, like soldiers switching sides in the midst of battle, the major players and creditors who had been at war with the city dropped their objections and joined a “grand bargain” to save Detroit.” It was published in November, but we think it’s worthy of a re-post at year’s end.

Crain’s Detroit Business named Orr and Rhodes Newsmakers of the Year for 2014. Their work doing what many believe to be impossible earned them this titled.

USA Today, in a year-end wrap up of the single biggest news stories in all 50 states, named the bankruptcy as Michigan’s. “The nightmare is over,” they wrote.

Still, the bankruptcy didn’t solve all of the city’s problems. An Agence France-Presse piece, published in Business Insider, outlines the great progress the city has had but also makes note of problems that still lie ahead.

The venerable New York Times also points out that many questions remain to be answered as the city moves forward.

For the local take on what remains, here are the Freep’s answers to those questions.