Detroit's Bing, Orr on City's Bankruptcy Petition

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July 18 (Bloomberg) -- Detroit Mayor Dave Bing and Kevyn Orr, the city's emergency manager, speak at a news conference about Detroit's decision to file for bankruptcy as it tries to eliminate a budget deficit and cut long-term debt. The city listed assets and debt of more than $1 billion in a Chapter 9 petition filed today in court in Detroit. Chapter 9 of the U.S. Bankruptcy Code is reserved for municipalities and differs from the rules used by bankrupt companies in Chapter 11. (Source: Bloomberg)

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