The once great city of Detroit, the heart of American manufacturing and automobiles, just can’t get a break. At the same time the big three - General Motors, Chrysler and Ford, begin to view the future more optimistically following the bankruptcy of the first two, Michigan's Governor Rick Snyder announced today that he approved a request from Detroit Emergency Manager Kevyn Orr 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," Snyder explained.
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