Detroit has become the largest city in U.S. history to file for bankruptcy, after its state-appointed emergency manager filed for Chapter 9 protection.
Kevyn Orr, a bankruptcy expert, who was hired in March to lead Detroit out of a fiscal free-fall, made the filing in federal bankruptcy court today.
Detroit’s budget deficit is believed to be more than $380 million but Mr Orr said long-term debt was more than $14 billion and could be as much as $20 billion.
http://katenews2day.com/2013/07/18/detroit-files-for-bankruptcy-the-democrat-party-system-failed-the-motor-city-with-20-billion-in-debt-after-decades-of-democrat-controlled-politics/
Kevyn Orr, a bankruptcy expert, who was hired in March to lead Detroit out of a fiscal free-fall, made the filing in federal bankruptcy court today.
Detroit’s budget deficit is believed to be more than $380 million but Mr Orr said long-term debt was more than $14 billion and could be as much as $20 billion.
http://katenews2day.com/2013/07/18/detroit-files-for-bankruptcy-the-democrat-party-system-failed-the-motor-city-with-20-billion-in-debt-after-decades-of-democrat-controlled-politics/
