Our very own “Motor City,” Detroit files for BANKRUPTCY . Detroit is in some serious debt. We’re talking $18 BILLION. According to the Huffington Post, Detroit will be the largest city in America to actually go bankrupt. Make sure you reach out to your friends and family from The D in this time of struggle.
Detroit lost a quarter-million residents between 2000 and 2010. Today, the population struggles to stay above 700,000.
In recent months, the city has relied on state-backed bond money to meet payroll for its 10,000 employees.
Orr was unable to persuade a host of creditors, unions and pension boards to take pennies on the dollar to help with the city’s massive financial restructuring. If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
For more:
Be the 19th caller and you could win tickets to the America’s Most Wanted Fest with Lil Wayne, TI and Future, Beyonce’s The Mrs. Carter Show, Drizzy Drake’s Concert in October, Mindless Behavior July 26th at 7pm and more from our 93 Days of Summer! Stay Tuned for your chance to win!
Listen to me Monday- Friday from 6pm- 10pm and don’t forget to follow me on Instagram @goangie @collegiscool and on Twitter @angieange @collegeiscool
