It just got a lot colder in the D … “cause the City of Detroit is so broke, it just filed for bankruptcy.
A State-appointed emergency manager filed for Chapter 9 bankruptcy protection today, making Detroit the largest municipality ever to file for bankruptcy in U.S. history.
Just to show how bad things got in Detroit … just look at the famous Silverdome, where the Detroit Lions played football until 2002. The stadium cost $55.7 million to build back in 1975 … but sold for just $583,000 in 2009.
There are too many reasons to list for Detroit”s financial woes — but among the top … massive population decline and a dwindling tax base. From 2000-2010, Detroit lost a quarter million residents.
If the filing is approved, it would allow Detroit to restructure its debts in order to satisfy endless creditors and city pensioners … as unlikely as that may be.