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Detroit files for bankruptcy

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Detroit files for bankruptcy Empty Detroit files for bankruptcy

Post by nevada Thu Jul 18, 2013 9:10 pm

I guess more cities will do the same ?

DETROIT—

Detroit filed the largest-ever municipal bankruptcy in U.S. history on Thursday, marking a new low for a city that was the cradle of the U.S. automotive industry and setting the stage for a costly court battle with creditors.

The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt that has crippled Michigan's largest city.

The future of retiree pension and health benefits for thousands of city workers hangs in the balance.

Full story here:
 http://www.chicagotribune.com/news/chi-detroit-bankruptcy-20130718,0,6170774.story

nevada

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