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Motor City Files for Bankruptcy

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Updated: 7/18/2013 1:28 pm
 DETROIT (AP) - Detroit has become the largest city in U.S. history to file for bankruptcy. 
 
      State-appointed emergency manager Kevyn Orr on Thursday asked a federal judge permission to place the city into Chapter 9 bankruptcy protection. 
 
      If approved, the filing would allow Orr to liquidate city assets to satisfy a host of creditors and city pensioners lined up to recoup losses from bad bond investments and unpaid contracts. 
 
      A number of factors - most notably steep population and tax base falls - have been blamed on Detroit's tumble toward insolvency. 
 
      Detroit lost a quarter-million residents between 2000 and 2010. 
 
      Orr was unable to convince enough creditors, bondholders and employee pension representatives to accept pennies on the dollar as he attempted a fiscal restructuring of Detroit. 

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