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Report shows Detroit insolvent weeks before bankruptcy

DETROIT (WKZO) -- New information shows that the city of Detroit was financially insolvent weeks before it filed for bankruptcy.

On Monday, officials announced the city's 2013 Comprehensive Annual Financial Report showed the city's general fund liabilities trumped its assets in cash. The report also shows that the city had an accumulated deficit of more than 130-million dollars, leading to the municipality defaulting on several of its obligations to creditors, and was unable to meet obligations on investments that were due on June 30th, 2013.

On July 18th, 2013, Detroit filed for Chapter 9 bankruptcy, becoming the largest bankruptcy filing in U.S. history.

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