Detroit files for Chapter 9 bankruptcy

MGN-Online
Thursday, July 18, 2013 - 8:21pm

After months of trying to avoid a financial free fall, the city of detroit has filed for Chapter 9 bankruptcy protection. Michigan's Governor Rick Snyder approved a request from Emergency Manager Kevin Orr to make the filing in federal court.

Once a thriving industrial mecca, Detroit now becomes the largest city in U.S. history to file for Chapter 9 protection. The filing comes after scores of businesses and a quarter million residents fled the city in recent years, leading to billions of dollars in lost revenue.

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