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Thursday, July 18, 2013

Detroit Files For Bankruptcy

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.

In a letter accompanying the filing, Michigan's Governor Rick Snyder said he had approved a request from Detroit Emergency Manager Kevyn Orr to file for Chapter 9 bankruptcy protection noting, "Detroit simply cannot raise enough revenue to meet its current obligations, and that is a situation that is only projected to get worse absent a bankruptcy filing."

Snyder, a Republican, named Orr in March to tackle the city's spiraling long-term debt, which is estimated at $18.5 billion. 

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12 comments:

Anonymous said...

Liberalism personified.

Anonymous said...

This is the result of liberal policies--America--you better wake up!

Anonymous said...

Five years of Obama, no surprise here!

Anonymous said...

What fool would loan Detroit money to start with?

Anonymous said...

Detroit has not had a Republican mayor or city council in 60 years. Does that tell you anything?

Anonymous said...

Watch the Muslims buy ALL the property.

Anonymous said...

Might as well add Detroit to the growing bankrupcy list. Stockton, CA, San Bernadino, CA, Detroit, MI, Baltimore, MD (soon to be) - so on so on.

And the Obama/O'Malley administration touts that the economy is rebounding.

Anonymous said...

Detroit has been trash hole for the past 30 years. Has nothing to do with the current administration. This was long time coming. And if Obama did pay attention to this city ppl would complain that tax money was spent. Oh wait you already did when he bailed out the automotive industry....

Anonymous said...

Detroit has been ran by which political party?

I rest my case!!

Anonymous said...

This sad state of affairs comes from poor management, unions, and extensive liberal agenda nonsense. Their backing of the Kenya idiot did not help the situatin at all.

Anonymous said...

Why can't the Fed print up a couple bil for Detoilet? They're printing 85bil a month as it is.

Anonymous said...

I wouldn't be so quick to laugh it off - as Maryland is in the same boat. Baltimore is in pitiful financial shape and that city will take the rest of the counties down with them.

It's not a question as to will it happen - it's more about when.