Detroit files for bankruptcy
The city of Detroit in the United States has become the largest American city to file for bankruptcy. It has debts of more than £11 billion.
The city of Detroit in the United States has become the largest American city to file for bankruptcy. It has debts of more than £11 billion.
Michigan Senator Carl Levin said the news that Detroit has filed for bankruptcy protection "saddens me, however necessary it may have been".
Senator Levin continued: “Detroit is more than a part of the state I represent in Washington. It is my lifelong home.
"What stands out about Detroit through the centuries is its grit and resilience.
"I know firsthand, because I live in Detroit, that our city is on the rebound in some key ways, and I know deep in my heart that the people of Detroit will face this latest challenge with the same determination that we have always shown.”
Once a powerhouse of the US car industry, Detroit has filed for bankruptcy as it owes creditors almost $20bn it cannot pay.
Detroit, once a booming American metropolis, has become the largest US city to file for bankruptcy, with debts of at least $18bn.