Detroit's historic bankruptcy, which officially ended earlier this month, cost the city nearly $178 million in fees and expenses for teams of lawyers and consultants, according to a city court filing yesterday, Reuters reported. Jones Day, Detroit's lead law firm for the biggest-ever municipal bankruptcy which was filed by the city in July 2013, billed the most by far, at $57.9 million. The city, which exited bankruptcy on Dec. 10, paid a total of nearly $165 million out of its general fund budget for professional fees for itself and for a court-appointed committee representing Detroit retirees, as well as for a fee examiner, court mediators and experts hired by Bankruptcy Judge Steven Rhodes, the filing showed. That amount was $12 million under the $177 million Detroit had budgeted in its plan to adjust $18 billion of debt and obligations. The city also reported $1.04 million in fees paid out of an enterprise fund and almost $12 million in fees paid by its two pension funds.
