'Shocker': Detroit Files Bankruptcy
Detroit has filed the largest municipal bankruptcy case in U.S. history, following a decades-long free-fall that has transformed the “Motor City” – the “Auto Capital of the World”, as it were – into an urban ruin.
The 16-page request was filed Wednesday in the U.S. Bankruptcy Court in Detroit. Ironically, the UAW was unavailable for comment. ["Crickets."]
As reported by The Detroit News, Michigan Governor Rick Snyder’s office was making plans Thursday afternoon to hold a Friday morning news conference to announce the city’s decision.
Under state law, Snyder is required to approve the [Chapter 9] filing. As of Wednesday, Snyder said he had not received any such request from Detroit Emergency Manager Kevyn Orr. Sources close to the governor said the situation is fluid – adding that Snyder “intends to study Orr’s recommendations and related documents ‘for a couple of days’ before making his decision.”
Yeah, good luck with that, governor, what other choice do you have?
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