Decades of decay, high debt lead Detroit into bankruptcy
The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nationâs iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.
Gov. Rick Snyderâs office was making plans this afternoon to hold a 10 a.m. Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to his office. Itâs the same location where the governor declared a financial emergency for Detroit on March 1....