Philadelphia, 5th Largest City in US is Bankrupt

http://www.bloomberg.com/news/2013-04-17/philadelphia-holds-closed-meeting-with-wall-street.html

Philadelphia Mayor Michael Nutter, whose municipality has the lowest credit rating of the five most-populous U.S. cities, will address investors at a conference financed by underwriters and closed to the public and the press.
The invitation bills tomorrow’s meeting as a chance to hear “Philadelphia leaders and investors discuss building the city’s future.” In addition to Nutter, a 55-year-old Democrat, speakers will include finance director Rob Dubow and Mark Gale, chief executive officer of Philadelphia International Airport, according to the agenda.
Philadelphia is hoping to attract investors for the city, which is rated three steps above junk by Standard & Poor’s. The city and its authorities have $8.75 billion in outstanding debt as of September, according to bond documents. Philadelphia’s pension system is 47.6 percent funded this year, the documents say.