Detroit Files for Chapter 9 Bankruptcy Protection

Lans­ing, Mich.—The city of Detroit filed for Chap­ter 9 pro­tec­tion Thurs­day. At an es­ti­mat­ed mar­ket cap­i­tal­iza­tion of $150 bil­lion, it be­comes the largest pub­licly-owned mu­nic­i­pal en­ti­ty to de­clare bankrupt­cy in Unit­ed States his­to­ry.

Once the in­dus­tri­al gem­stone of the Amer­i­can mid­west, Detroit has fall­en on ex­treme­ly hard times since the 2009 re­struc­tur­ing of its par­ent com­pa­ny, Gen­er­al Mo­tors. It now stands large­ly va­cant.

In re­sponse to the fil­ing, Detroit has been tem­porar­i­ly re­moved from the Dow Jones Mu­nic­i­pal Aver­age and re­placed by Port­land, Ore­gon. It will con­tin­ue to trade over-the-counter un­der the sym­bol XXXDM.