July 19, 2013 02:59 am GMT
Original Link: http://feeds.mashable.com/~r/Mashable/~3/e3Yc3wpfvy8/
Detroit Files for Bankruptcy
The city of Detroit, Mich., has filed for bankruptcy, becoming the largest city in the history of the United States to do so.
City officials filed for Chapter 9 bankruptcy protection (.PDF) on Thursday, in an attempt to bail out a city that has an estimated debt of $18.5 billion, according to the Detroit Free Press. Detroit Emergency Manager Kevyn Orr applied for bankruptcy, after being appointed by Michigan's Governor Rick Snyder to tackle the city's financial issues in March
Snyder announced he has approved the request, and posted a YouTube video explaining his decision.
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