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July 18, 2013

Detroit Files For Chapter 9 Bankruptcy

It's the largest municipal bankruptcy in US history.

You can read more about it here.

The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.

The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers.

Apropos of nothing, the last time Detroit had a Republican Mayor was 51 years ago.

[Update] In completely unrelated news, they're remaking Robocop. Is this Chapter 9 bankruptcy just a creative marketing ploy by MGM?


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