[Gandhi]

Mecca of the Auto industry, Detroit has filed chapter 9 bankruptcy as a city.

http://timesofindia.indiatimes.com/w...w/21157145.cms

DETROIT: Detroit filed the largest municipal bankruptcy in US history on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in the long struggle to revive the city that was the cradle of the American auto industry.

The bankruptcy, if approved by a federal judge, would force Detroit's thousands of creditors into negotiations with the city's Emergency Manager Kevyn Orr to resolve an estimated $18.5 billion in debt that has crippled Michigan's largest city.

Michigan governor Rick Snyder said he saw no other options for Detroit and approved Orr's request to file for Chapter 9 bankruptcy protection.

"Detroit simply cannot raise enough revenue to meet its current obligations, and that is a situation that is only projected to get worse absent a bankruptcy filing," wrote Snyder, a Republican, in a letter accompanying the filing.

[karan561]

Video: Governor Rick Snyder declares Detroit as bankrupt

http://www.youtube.com/watch?v=h0WKENzYcTU

[flipsyde]

A very sad day in the history of the American Automotive Industry. But I wouldn't say no one saw this coming. Even on my recent trip to the US, Detroit was certainly rotting away with hoards of abandoned buildings and an overall ghetto appearance.

[karan561]

However the good news is that the bankruptcy wont hamper the Detroit motor show which is scheduled for January 13-26, 2014

The above news is confirmed by Rod Alberts, Executive Director, North American International Auto Show (NAIS)

Source

[AbdulRahmanM]

Just as my Onsite travel is being planned to Detroit, this :( . But most probably proceeding with the trip anyways. Lets hope for the best.