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Detroit files for bankruptcy largest U S city to seek Chapter 9
Detroit becomes the largest U S city to file for Chapter 9 bankruptcy as creditors reject a restructuring bid. Gov. Rick Snyder approved the filing by city emergency manager Kevyn Orr, who faces unions and pension boards unwilling to accept pennies on the dollar. The move could lead to asset sales, service cuts, and layoffs as Detroit confronts decades of decline tied to population loss and auto industry shifts.
MENTIONED IN THIS ARTICLE
Detroit
U.S
Rick Snyder
Kevyn Orr
Orr
Michael Sweet
Fox-Rothschild
San Francisco
Japan
San Bernardino
Calif
America
Los Angeles
Stockton
Jefferson County
Ala
Birmingham
Alabama