A much-feared -- but widely anticipated -- day arrived yesterday in Michigan’s largest city. Officials filed a 16-page bankruptcy petition on behalf of the city of Detroit in U.S. Court, making the city the largest municipal bankruptcy in the U.S. history.
Gov. Rick Snyder authorized the filing yesterday after efforts by state-appointed Emergency Manager Kevyn Orr failed to satisfy numerous creditors. According to reports, the city owes as many as 100,000 creditors and accrued obligation is as much as $20 billion.