Detroit’s bankruptcy case now closed

[00:00:00]Now on the other side of the tunnel, a major chapter in Detroit history is now officially closed. A federal judge has formally closed Detroit's historic bankruptcy case, more than a decade after the city filed for chapter 9 protection in the year 2013. The bankruptcy helped to Detroit wipe out around $7 billion in debt while restructuring another $3 billion. City leaders say the move freed up millions for services and helped pave the way for balanced budgets, credit rating upgrades, and long-term financial stability. And now the man credited by many with helping lead Detroit out of bankruptcy is stepping away from Michigan's governor's race. Former Detroit Mayor Mike Duggan says he's suspending his independent campaign, blaming what he calls an increasingly toxic political climate. Duggan says rising gas prices and growing anger over President Trump's handling of the economy and the war with Iran have shifted the political landscape. The former Democrat says he no longer sees a realistic path to victory.