Detroit filed for federal bankruptcy protection after years of decline. Here is the actual official Detroit Bankruptcy filing.
Here is a real time list of Detroit’s defaulted bonds and where they are trading.
The filing by the automobile capital and onetime music powerhouse – which has liabilities of more than $18 billion – is the country’s largest-ever municipal bankruptcy case. The move is bound to set off months, if not years, of legal wrangling, asset sales and cuts to benefits for Detroit workers and retirees, including 20,000 on city pensions. Owners of the city’s bonds are expected to battle with retirees and others for pieces of the city’s diminished wealth.
So it has begun.