Detroit Files For Bankruptcy ... The Whole City?
The City of Detroit is in debt. Whole City. Read Below
Via Detroit Free Press
The City of Detroit filed this afternoon for Chapter 9 bankruptcy
protection in federal court, laying the groundwork for a historic
effort to bail out a major U.S. city that is sinking under billions of
dollars in debt and decades of mismanagement, population flight and
loss of tax revenue.
The filing begins a 30- to 90-day period that will determine whether
the city is eligible for Chapter 9 protection and define how many
claimants might compete for the limited settlement resources that
Detroit has to offer. The bankruptcy petition would seek protection
from creditors and unions who are renegotiating $18.5 billion in debt
and other liabilities.