Detroit, What's Next for Motor City?

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The filing by the automobile capital and one-time music powerhouse has liabilities of more than $18 billion and is the country's largest-ever municipal bankruptcy case. The move to restructure the debt will bring months or even years of legal wrangling, asset sales and cuts to benefits for Detroit workers and retirees, including 20,000 on city pensions. Owners of the city's bonds are expected to battle with retirees and others for pieces of the city's diminished wealth. But Detroit is no stranger to bankruptcy after two of its most prominent companies—General Motors Co. and Chrysler entered and quickly exited Chapter 11 bankruptcy in 2009, thanks to an $80 billion federal bailout. But can a city get a similar rescue and is bailout even an option?

Видео Detroit, What's Next for Motor City? канала InsideOut TV