USA

Detroit Becomes Largest US City to Declare Bankruptcyi
X
July 19, 2013 9:21 PM
After years of population decline, a faltering auto industry and financial mismanagement by the city's government, Detroit has filed for Chapter 9 bankruptcy protection in federal court. It's the largest municipal bankruptcy in U.S. history, with the city listing more than 100,000 creditors. As VOA's Kane Farabaugh reports that Detroit's financial fate now rests in the hands of a bankruptcy judge as a local judge tries to block the move.

Detroit Becomes Largest US City to Declare Bankruptcy

Published July 19, 2013

After years of population decline, a faltering auto industry and financial mismanagement by the city's government, Detroit has filed for Chapter 9 bankruptcy protection in federal court. It's the largest municipal bankruptcy in U.S. history, with the city listing more than 100,000 creditors. As VOA's Kane Farabaugh reports that Detroit's financial fate now rests in the hands of a bankruptcy judge as a local judge tries to block the move.


You May Like

Multimedia Anti-Keystone XL Protests Continue

Demonstrators are worried about pipeline's effect on climate change, their traditional way of life, health and safety More

Thailand's Political Power Struggle Continues

Court gave Prime Minister Yingluck Shinawatra until May 2 to prepare her defense over abuse of power charges but uncertainty remains over election timing More

Malaysia Plane Search Tests Limits of Ocean Mapping Technology

Expert tells VOA existing equipment’s maximum operating depth is around 6 kilometers as operation continues on ocean bed for any trace of MH370 More