One of the largest U.S. cities, Detroit, has filed for bankruptcy, a move that gives it court protection from creditors.
A fiscal manager hired by the state of Michigan, where Detroit is located, made the filing Thursday in federal bankruptcy court.
That filing made Detroit the largest city in U.S. history to declare bankruptcy. Michigan Governor Rick Snyder needs to sign off on the decision.
Detroit has been struggling with a budget deficit of more than $300 million and long-term debt of nearly $14 billion.