Detroit is bankrupt. The city filed its ch. 9 paperwork on Thursday afternoon after Kevyn D. Orr, the city’s emergency manager, and Governor Rick Snyder deemed that to be the only “viable option” left. This is a fascinating situation, given its magnitude (this is the largest municipal bankruptcy ever) and political implications (who is Orr really answering to?). Stay tuned.
— Lucas Puente (@lucaspuente) July 19, 2013