Magazine

Jul 19, 2013

Detroit Files For Bankruptcy

Detroit Files For Bankruptcy

Detroit has filed the largest municipal bankruptcy in U.S. history on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in the long struggle to revive the city that was the cradle of the American auto industry. 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 an estimated $18.5 billion in debt that has crippled Michigan's largest city. Detroit has lost 25 percent of its population in the last decade, with just 700,000 residents remaining. The ranks of retirees outnumber the city's active workers by more than a 2-1 ratio. With a quarter of its buildings abandoned in some neighborhoods, no other American city has borne the brunt of deindustrialization so heavily. Check also our other Detroit galleries: Detroit isn't working and Urban Exploring in Detroit with Chris Luckhardt.

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