bankruptcy

DETROIT (AP) — Michigan Gov. Rick Snyder says lawsuits filed against him, the state-appointed Detroit emergency manager and others proved the final straw that led him to authorize the city to file for bankruptcy. Snyder's testimony is rare for a sitting governor...

Detroit is at least $18 billion in debt.

Creditors include bond holders, insurers, banks, the city's two employee pension systems, individuals and companies.

Spokeswoman Amy Brundage says President Barack Obama and senior advisers are monitoring the situation.