Billions in Debt, Detroit Tumbles Into Insolvency

SHARE 10334 CONNECT 1804 TWEET 104 COMMENTEMAILMORE. DETROIT -- The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of DETROIT – Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection. Kevyn Orr, a bankruptcy expert, was hired by the state in March to lead Detroit outDETROIT — Detroit, the cradle of America's automobile industry and once the nation's fourth-most-populous city, filed for bankruptcy on Thursday, the largest American city ever to take such a course.“The fiscal realities confronting Detroit have been ignored for too long. I'm making this tough decision so the people of Detroit will have the basic services they deserve

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