Welcome to Chapter 9, Detroit

Here’s the City of Detroit’s filing to become the largest ever US city bankruptcy, filed late Thursday (seemingly timed to trigger a stay on imminent lawsuits by creditors). Beyond the list of derelict buildings and brownfield sites owned by the city — you’ll want to read the approval letter by Michigan Governor Rick Snyder, in Exhibit A.

It’s strong stuff.

Copyright The Financial Times Limited 2019. All rights reserved. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.

Read next:

Read next:

FT Alpha Tweets