Largest Municipal Bankruptcy in History: Detroit Filing for Bankruptcy Protection

Detroit’s emergency manager has filed for bankruptcy protection for the city. This makes the Detroit’s filing the largest for a municipality¬†in US history.

In June, the manager released a plan to restructure the city’s debt and its financial obligations that would leave many creditors with much less than they are currently ¬†owed. At that time the manager, Kevyn Orr, warned that if negotiations could not get beyond an impasse he would move quickly to seek bankruptcy protection.… [Read more]