Detroit Bankruptcy Unlikely to Affect Automakers
What with them already being so dependent on the feds
The city of Detroit's bankruptcy filing apparently won't affect the Detroit Three automakers who, along with Motown soul music, made the city famous and at one time, prosperous.
General Motors, the biggest Detroit automaker, the only one with its headquarters literally in Detroit, and a company not that far removed from the sting of its own bankruptcy filing in 2009, says, "We do notanticipate any impact to our daily operations or business outlook" from the city's insolvency.
Republican Gov. Rick Snyder of Michigan on Thursday authorized the city, more than $18 billion in debt, to seek federal bankruptcy protection. Detroit's declining population and falling tax base have eroded its finances.