Auto Industry Says It Supports Detroit on Brink of Bankruptcy
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Two of the biggest companies in the industry most closely associated with Detroit expressed support for the city, which announced plans to miss debt payments today that will make it the most populous U.S. city to default since Cleveland in 1978.
General Motors Co., based in Detroit, and Auburn Hills, Michigan-based Chrysler Group LLC, both of which went through U.S. government-backed bankruptcy reorganizations in 2009, expressed support for the city.