Friday, July 19, 2013

Detroit Files For Bankruptcy As The USA Begins Race To The Bottom!

Detroit Files For Bankruptcy After Decline
Once at the heart of the US car industry, Detroit becomes the biggest city in American history to file for bankruptcy.

Detroit, once the hub of America's car industry, has become the biggest city in US history to file for bankruptcy with debts estimated at $18.5bn (£12.1bn). The federal bankruptcy court filing, which has been feared for months, puts the city on an uncertain course and sets the stage for a costly court battle with creditors.
The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve the debt that has crippled Michigan's largest city.