Detroit Files for Bankruptcy

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Detroit Files for Bankruptcy

Sun, 2013-07-21 17:56 — Kathy Gilbeaux

Protestors in Detroit last month objected to plans to cut pension benefits of city workers and retirees.

cnn.com - by Chris Isidore - July 18, 2013

NEW YORK (CNNMoney)

Detroit filed for bankruptcy Thursday, becoming the nation's largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar.

The bankruptcy was filed by Emergency Manager Kevyn Orr and approved by Michigan Gov. Rick Snyder. Snyder said the financial condition of the city left him no choice.

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