KTLA

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Lowdown in Motown: Detroit Files For Bankruptcy

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Lowdown in Motown: Detroit Files For Bankruptcy
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Detroit filed for bankruptcy Thursday afternoon, becoming the nation’s largest public sector bankruptcy. The move could slash pension benefits to city workers and retirees, and leave bond holders with only pennies on the dollar. The bankruptcy was filed by Emergency Manager Kevyn Orr and approved by Michigan Gov. Rick Snyder. Snyder said the financial condition of the city left him no choice.moreless
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