While breaking, this story really comes as now surprise to me that the City of Detroit has filed for chapter 9 bankruptcy protection.
In a surprise move today, the city's state appointed emergency manager, Kevyn Orr asked for permission to put the city under Chapter 9 protection this afternoon in court. Currently, Detroit is $18.5 billion dollars in dept. Currently, the Governor of Michigan has to sign off on the bankruptcy since it is the largest municipal bankruptcy in U.S. history.
Details are still forthcoming so we will be posting updates as we find them.
Source: Detroit News.