Detroit in largest US bankruptcy

Breaking news

Detroit, Michigan, which owes at least $ 15bn (£10bn), has become the largest US city to file for bankruptcy.

State-appointed emergency manager Kevyn Orr asked a federal judge for permission to place the city into bankruptcy protection.

If approved, he would be allowed to liquidate city assets to satisfy creditors and pensions.

Detroit stopped unsecured-debt payments last month to keep the city running as Mr Orr negotiated with creditors.

BBC News – Business

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