Thread: DETROIT TO FILE FOR BANKRUPTCY AS EARLY AS FRIDAY.

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  1. #1 DETROIT TO FILE FOR BANKRUPTCY AS EARLY AS FRIDAY. 
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    The City of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, several sources told the Free Press today.


    The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.

    http://www.freep.com/article/20130718/NEWS01/307180107
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    God, that's depressing.
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    DETROIT — Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, has filed for bankruptcy, an official said Thursday afternoon, the largest American city ever to take such a course.
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