It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.
The Motor City faces $20 billion of long-term liabilities.
The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.
Detroit News' Robert Snell Tweets the city has listed more than 100,000 creditors.
And, as noted by the Ace of Spades, Detroit has not had a Republican mayor for 53 years. It is entirely the result of unions dictates and Democrat policies.