UPDATED: Detroit has filed for Chapter 9 bankruptcy, according to the Associated Press and Reuters, becoming the biggest U.S. city in history to do so.
The home of the nation's resurgent auto industry has as much as $20 billion in debts and liabilities, dwarfing previous city and county filings.
Earlier Thursday, the Detroit Free Press, the city's hometown paper, said the filing would set off a 30- to 90-day period "that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer."
The Detroit Free Press said Gov. Rick Snyder would need to sign off on the deal. It said his office did not return phone calls immediately for comment.