Auto City Detroit officially declares bankruptcy 40% of street lights are no longer illuminated

Detroit, the automobile city, officially declared bankruptcy.% of street lights are no longer illuminated. Affected by factors such as the outflow of population and the shrinking of the city for decades, Detroit’s finances have dried up and debts have exceeded US$100 million. Since the beginning of this year, the birthplace of the American automobile industry has fallen into an insecure public The financial dilemma of the service is so embarrassing that there is no money to turn on the street lights in the city. In December, Detroit filed for bankruptcy protection.　　 This once-bright car city officially declared bankruptcy, and it has become the largest bankrupt city in the history of the United States. For prisoners, bondholders and even ordinary residents, this sentence will have a significant impact.　　 Federal Judge Lotz ruled that bankruptcy protection means that “liabilities” such as the pensions of Detroit city employees may be “damaged”. It is reported that the Detroit city government is about to submit a balanced budget plan in order to 'eliminate' the existing billion-dollar public debt.　　Across Detroit, the lights have really gone out. At present,% of street lights are no longer illuminated, and this is just one of many examples, indicating that the city has been unable to meet the basic needs of its residents*.　　 Michigan Governor Rick Schneider, where Detroit is located, welcomed the court's decision, calling it 'the only path for Detroit to a bright future.' Schneider said in a statement, “Michigan and Detroit have the ability to recover, and we will create a'return story' in this country. Working together, we promise to usher in a revival.” 　　 Bankruptcy petition approved by the Detroit City Government for four months Formally filed for bankruptcy protection before. A group of retired municipal employees, including retired policemen and firefighters, and the union organization representing them filed a lawsuit in court in July, demanding that the bankruptcy protection application be stopped.　　 However, Federal Judge Lotz ruled that Detroit’s bankruptcy has long been a “fait accompli”; the judge also said that the Detroit government might have filed for bankruptcy a few years ago.　　 The judge ruled that since the number of creditors in Detroit exceeds 10,000, it is impossible to reasonably expect to reach a realistic out-of-court settlement agreement with these creditors, and therefore ruled that Detroit is eligible to file for bankruptcy. The ruling opened the door for Detroit to cut billions of dollars owed to city employees, pension funds, investors and creditors.　　 According to the Federal Bankruptcy Law, Detroit, which was ruled bankrupt, is eligible for reorganization. 'This once proud and prosperous city cannot repay its debts,' the judge said. 'This is insolvent, but it also has a chance to start again.' 　　 As Detroit's bankruptcy qualification is confirmed, Detroit will prepare a plan on how to reduce its debt. plan. The city hall said that Detroit hopes to get rid of bankruptcy protection before the end of the year and gradually resume normal financial operations.　　 This month, Michigan Governor Schneider declared Detroit into a state of financial emergency. The report shows that the long-term debt of Detroit, Michigan's largest city, has exceeded US$100 million, and Detroit’s fiscal deficit this year alone has exceeded US$100 million.　According to Xinhua News Agency