Detroit Files for Bankruptcy
The city of Detroit filed for federal bankruptcy protection on Thursday afternoon, making the automobile capital and onetime music powerhouse the country's largest-ever municipal bankruptcy case.
The Chapter 9 case filed in U.S. District Court for the Eastern District of Michigan came after Kevyn Orr, the emergency manager, failed to reach agreements with enough of the bondholders, pension funds and other creditors to restructure Detroit's debt outside of court. The final decision rested with Republican Gov. Rick Snyder, who had appointed Mr. Orr as Detroit's overseer in March.
It was expected that the city would report long-term liabilities close to $20 billion. The city's assets were less clear...
That last line is a beaut, huh?
UPDATE: Via Inez Feltscher, this forgotten YouTube gem.
Not yet, anyway.
If the video won't play, here's the direct link.