Dec 3rd 2013, 16:48, by Adrianne Jeffries
A judge has ruled that Detroit is eligible to file for bankruptcy, making it the largest municipal filing in US history, according to the Detroit Free Press.
"The city's debt and cash flow insolvency is causing the city's 700,000 residents to suffer hardship," US bankruptcy judge Steven Rhodes said in court today. "This situation has proved unworkable."
Detroit is in debt on the order of $18 billion, causing city services to suffer and many neighborhoods to turn to blight. The bankruptcy clears the way for nullifying billions of dollars of the city's obligations to its creditors.
Continue reading…
No comments:
Post a Comment