"Detroit is likely to file for bankruptcy after two municipal pension funds sued city emergency manager Kevyn Orr.
The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.
If, as expected, the city files for Chapter 9 protection, it will be the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring..."
at http://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7#ixzz2ZQKEIrzc
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