DETROIT, Mich. — The city of Detroit has filed for Chapter 9 bankruptcy, according to CNN.
Detroit is the largest city in U.S. history to file for bankruptcy protection.
“This is a difficult step, but the only viable option to address a problem that has been six decades in the making,” Gov. Rick Snyder said in a press release Thursday.
The governor and Detroit Emergency Financial Manager Kevyn Orr will hold a press conference at 10 a.m. Friday to discuss the bankruptcy filing.
