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DETROIT (CBS Detroit) It’s a historic day for the city of Detroit, which after decades of decline filed the largest municipal bankruptcy case in history late Thursday.

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Governor Rick Snyder and emergency manager Kevyn Orr are expected to speak, outlining why the city was unable to reach deals with its creditors — who hold $18 billion in Detroit debt. The pair are expected to outline what happens next.

According to the Associated Press, Detroit’s budget deficit this year alone is estimated at $380 million, and Orr chose bankruptcy over diverting money from police, fire and other services to make debt payments.

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Get complete coverage of this historic event HERE.