Detroit Files for Bankruptcy
| Detroit, the cradle of America’s automobile industry and once the nation’s fourth-most-populous city, has filed for Chapter 9 bankruptcy, an official said on Thursday. It is the largest American city ever to take such a course. |
| The decision to turn to the federal courts, which required approval from both the emergency manager assigned to oversee the troubled city and from Gov. Rick Snyder, is also the largest municipal bankruptcy filing in the nation’s history in terms of debt. |
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http://www.nytimes.com?emc=edit_na_20130718 |
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