Detroit poised to exit historic bankruptcy
Detroit will officially exit the biggest-ever U.S. municipal bankruptcy later on Wednesday, officials said, allowing Michigan’s largest city to start a new chapter with a lighter debt load.
The city, which filed for bankruptcy in July 2013, will shed about $7-billion (U.S.) of its $18-billion of debt and obligations.
Detroit will officially exit the biggest-ever U.S. municipal bankruptcy later on Wednesday, officials said, allowing Michigan’s largest city to start a new chapter with a lighter debt load.
The city, which filed for bankruptcy in July 2013, will shed about $7-billion (U.S.) of its $18-billion of debt and obligations.
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