Detroit Files for Bankruptcy

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800px-Headquarters_of_GM_in_DetroitDETROIT, 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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