UPDATE: Detroit Files for Largest Municipal Bankruptcy in U.S. History | TheBlaze.com
From the Associated Press:
Detroit has become the largest city in U.S. history to file for bankruptcy.Detroit- March 23: Buildings in an entire city block in what was once Detroit’s prime business district sit largly abandoned March 23, 2011. The new census figures show that Detroit has lost 25 percent of its population in the last ten years, bringing the city’s population down to its lowest since 1910. (photo by Bill Pugliano/Getty Images)
State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection.
Detroit — once the epicenter of the American auto industry — may file for federal bankruptcy as early as Friday morning, the Free Press reports.
“The filing would begin 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 report notes.
“The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities,” it adds....