Detroit formally declared bankrupt in landmark ruling

Smoke and flames rise from a deteriorating building at a former Packard plant in Detroit. Credit: Reuters

The city of Detroit - once a symbol of America's industrial supremacy - has been formally declared bankrupt by a judge.

The judge cited the city's dismal finances and $18 billion owed to a multitude of creditors in support of the landmark ruling.

Read: City of Detroit files for bankruptcy after accruing debts of $18.5bn

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