Detroit Bankruptcy Filing Is Just The Beginning

Posted: Jul 19 2013, 7:48am CDT | by , Updated: Jul 19 2013, 7:51am CDT , in Misc


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Detroit Bankruptcy Filing is Just the Beginning

The city of Detroit filed for Bankruptcy. It is the largest city in the U.S. to ever file for Bankruptcy. This filing though just is not the end, it is the beginning of legal fights.

Detroit stunned yesterday with the filing of Bankruptcy. Detroit had huge financial issue ever since the collapse of the car industry. Detroit is now the largest city in the U.S. to ever file for Bankruptcy. The filing is an effort to get back to normal situation. According to Reuters this will not be an easy path. If a federal judge approves the bankruptcy then Detroit's creditors will start to fight for their money. They will engage in negotiations with Detroit's Emergency Manager Kevyn Orr about the $18.5 billion debt.

A bankruptcy cited by Reuters says that he estimates that the process will last from one to three years and will be very costly.

It looks like the emotional Eminem Chrysler Super Bowl ad in 2011 did not translate in an economic recovery for Detroit. It is still though one of the greatest ads for Detroit. Watch below.

Photo Credit: Getty Images

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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