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Detroit Files for Bankruptcy
Posted at 4:30 PM, Jul 18, 2013
and last updated 2013-07-19 08:42:58-04
DETROIT, Mich. — The city of Detroit has filed for Chapter 9 bankruptcy, according to CNN.
Detroit is the largest city in U.S. history to file for bankruptcy protection.
“This is a difficult step, but the only viable option to address a problem that has been six decades in the making,” Gov. Rick Snyder said in a press release Thursday.
The governor and Detroit Emergency Financial Manager Kevyn Orr will hold a press conference at 10 a.m. Friday to discuss the bankruptcy filing.
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