Once-great Detroit collapses, files for biggest city bankruptcy in U.S. history
” Detroit, once one of the great power centres of North America, has collapsed, filing for what would be the biggest bankruptcy in U.S. history.
The city’s emergency manager, Kevyn Orr, today asked a court to put the municipality into bankruptcy protection, what is known as a Chapter 9 filing.
The move followed negotiations with creditors, including those asked to take a substantial haircut on their debts.”
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