Once a powerhouse because of the auto-industry and a music hub because of Motown, Detroit has sunk into bankruptcy. The city submitted what is the largest municipal Chapter 9 filing in U.S. history after emergency manager Kevyn Orr failed to cut a deal with creditors over restructuring up to $20B in debt. Following "decades of fiscal mismanagement; plummeting population, employment and revenues; decaying City infrastructure...Detroit today is a shell of the thriving metropolis that it once was."
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