Detroit Bankruptcy Will Be A Clinic For Struggling Cities

By Maria Chutchian (July 19, 2013, 7:07 PM EDT) -- With Detroit's historic bankruptcy filing Thursday, other financially strapped cities, towns and counties across the country will be watching closely to how the once vibrant city addresses its pension obligations and bond debt, among other issues, before they dive into Chapter 9, experts said.

If Detroit is able to take control of its staggering debt — at least $18 billion, according to the city's emergency financial manager Kevyn Orr — it will be a watershed moment for municipal bankruptcies. The city of approximately 700,000 has been struggling to keep itself afloat for years, and its Chapter 9 petition is an acknowledgement...

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