It seems that the Motor City has run out of gas. Detroit, Michigan has filed for the largest municipal bankruptcy in U.S. history! In March of this year bankruptcy expert, Kevin Orr, was hired by the state of Michigan to lead the city of Detroit out of the pits of debt. Four months later, they now have unfulfilled obligations. Hit the jump to see what happens next.
The filing by Orr means that if the Chapter 9 bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment. Basically, everything must go! Makes you wonder how things got so bad.
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