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JUST IN: Detroit Files for Bankruptcy, Largest Bankruptcy in Country’s History
This afternoon the city of Detroit filed for Chapter 9 bankruptcy protection making it the largest bankruptcy in the history of the country at $18 to $20 billion. The bankruptcy filing came after the Motor City was unable to reach debt restructuring agreements with its investors and creditors. A bankruptcy court must now decide if the city is eligible for bankruptcy protection and how much if anything its creditors will receive including city pension funds. The Governor of Michigan Rick Snyder still has to sign off on the bankruptcy filing.
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