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Thursday, July 18, 2013 - 7:21pm
Detroit, MI (CNN) — After months of trying to avoid a financial free fall, the city of detroit has filed for Chapter 9 bankruptcy protection. Michigan's Governor Rick Snyder approved a request from Emergency Manager Kevin Orr to make the filing in federal court.
Once a thriving industrial mecca, Detroit now becomes the largest city in U.S. history to file for Chapter 9 protection. The filing comes after scores of businesses and a quarter million residents fled the city in recent years, leading to billions of dollars in lost revenue.