(MENAFN) Detroit, the automobile industry might, has announced filing for bankruptcy recently, after struggling to pay off its heavy accumulated debts for decades, reported Khaleej Times.
The city couldn't hold any delay, as it reached a total debt of USD18 billion, as Michigan Governor Rick Snyder declared: "Without this decision, the city's condition would only worsen".
It's worth mentioning that filing for bankruptcy will put the city it under the protection of court to stop paying its debts.
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