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: