Although employees were offered the opportunity to help make their city viable again by giving up some of the gains they had been given in the good years, they declined and now the only option is bankruptcy.
With 78,000 vacant properties in the city, Detroit filed for bankruptcy due to the $18 million in debt.
Now they are trying to sell off assets in order to try and satisfy some of their debt holders. This is the largest city in the US to ever file for bankruptcy.
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