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Old 19th July 2013, 10:14   #1
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Default Auto Capital of the World - Detroit files for bankruptcy

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

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

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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.

Last edited by GTO : 19th July 2013 at 13:44. Reason: Keeping the fair usage policy in mind, it's best to share an excerpt + link to full article. Thanks
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Old 19th July 2013, 10:55   #2
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Default Re: Auto Capital of the World - Detroit files for bankruptcy

Video: Governor Rick Snyder declares Detroit as bankrupt

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Old 19th July 2013, 12:28   #3
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Default Re: Auto Capital of the World - Detroit files for bankruptcy

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.
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Old 20th July 2013, 12:06   #4
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Default Re: Auto Capital of the World - Detroit files for bankruptcy

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
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Old 24th August 2013, 12:27   #5
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Default Re: Auto Capital of the World - Detroit files for bankruptcy

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