Detroit Files for Bankruptcy

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Breaking news after the close – Detroit, Michigan has filed for Chapter 9 bankruptcy.

This has been a long time coming, obviously, and no amount of business-friendly initiatives or financial engineering was going to change that. But still – this is the largest municipal bankruptcy in American history.

An estimated 713,000 people reside in the city proper, with a total of 4.3 million residents in the Detroit Metro area.

I’ll add links below as they come in:

Detroit Files Largest Municipal Bankruptcy In History (Business Insider)

Detroit Files for Bankruptcy (NYT)

 

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