Report: Detroit EM To Offer Creditors Pennies On The Dollar
Detroit's emergency manager is hoping to avoid bankruptcy for the city by trying to settle debts with creditors for just pennies on the dollar.
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Detroit's emergency manager is hoping to avoid bankruptcy for the city by trying to settle debts with creditors for just pennies on the dollar.
At the policy conference on Mackinac Island, Detroit Mayor Dave Bing was asked about the threat of bankruptcy that looms over the city.
Electric sports car maker Fisker Automotive has laid off about 160 people at its California headquarters.
The Entertainment Book popular gift and, since 1962, a way for metro Detroiters to save some cash.
In less than a month, Michigan Gov. Rick Snyder will decide whether the state will take over Detroit's broken finances and send in someone to oversee the city's fiscal recovery.
Projections show Detroit's cash on hand dropping as low as $3.6 million by Dec. 21. It stood at $53 million on Friday.
American Suzuki Motor says it decided to exit the car business because of slow sales, unfavorable foreign exchange rates and high costs due to U.S. regulatory requirements
Energy Conversion Devices Inc. (OTC: ENERQ.PK) and its wholly-owned subsidiary United Solar Ovonic LLC last week announced that the United States Bankruptcy Court for the Eastern District of Michigan has confirmed its Second Amended Joint Plan of Liquidation.
John L. Smith always believed real estate development was the safest investment of all, saying "you may not make money, but you won't lose money."
A bank is extending a deadline on a bond transaction that will let the city of Detroit get most of June's revenue sharing payment from the state.
The Detroit News and Detroit Free Press report Monday that Ayanna Kilpatrick claims to owe $345,000 and have monthly expenses of over $3,900.
The sale of United Solar as a going concern won't happen. Its parent company, Energy Conversion Devices, Monday announced that the assets related to the United Solar Ovonic LLC thin, flexible solar panel business will be sold at auction June 26.
It still owes the government just under $12 billion from a $17.2 billion dollar loan it got during the financial meltdown of 2008 and '09.
Hostess Brands Inc. has told Michigan officials that it could lay off all of its 381 employees at 20 locations in the state if the company liquidates as part of its bankruptcy restructuring.
"Detroit ... couldn't survive without a manger," Patterson told attendees at an Chamber of Commerce breakfast at Oakland University on Wednesday.
Citing high debt and legacy costs, Energy Conversion Devices Inc. and its solar panel manufacturing subsidiary United Solar Ovonic LLC filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Eastern District of Michigan.
A Farmington Hills-based company that leads the nation in so-called medi-spa services and has more than 100 locations across the nation has filed for bankruptcy protection.
Creditors have their hands out as the Borders Group Inc. filed for bankruptcy and now, the line is getting longer.
The Wall Street Journal is reporting that the private equity firm that tentatively agreed to purchase bankrupt Ann Arbor-based Borders Group is having second thoughts.
Gov. Rick Snyder tells reporters in Lansing that he is not going to let Detroit or any other Michigan city fall into bankruptcy.
Pontiac's Emergency Manager has written a letter to Executive Brooks Patterson asking for a meeting to discuss the possibilities of merging the city with the county.
Marchionne was reminded of a 2008 op-ed column in which Romney urged the federal government to force automakers into a "managed bankruptcy."
Now that the emergency financial manager bill has passed, how many schools should expect to have the new law applied to their districts?
Borders gets approval from a federal bankruptcy judge to close another 28 stores around the country.
A federal judge is expected to finalize a plan that will lead to the end of what is being called the "old" General Motors
On Thursday, city and housing leaders broke ground on a brand-new development in North Corktown.
The defense filed a motion to dismiss the case against their client after the jury was deadlocked on charges.
Hulk Hogan visited Detroit Lions practice and says coach Dan Campbell would have been good in the squared circle.
With new restaurants and retail stores on the way, we're taking a look at what you can expect at Detroit Metro Aiport.
After years of soaring housing costs, renters are getting some relief as the Federal Reserve looks to extinguish inflation.
The man arrested in the fatal shooting of Melvindale police officer Mohamed Said was arraigned Thursday.
On Thursday, city and housing leaders broke ground on a brand-new development in North Corktown.
The defense filed a motion to dismiss the case against their client after the jury was deadlocked on charges.
Hulk Hogan visited Detroit Lions practice and says coach Dan Campbell would have been good in the squared circle.
With new restaurants and retail stores on the way, we're taking a look at what you can expect at Detroit Metro Aiport.
Stellantis CEO Carlos Tavares pledged action to tackle problems in North America and elsewhere after reporting a plunge in first-half earnings.
Ford will make its F-Series Super Duty pickups at a plant in Ontario, Canada beginning in 2026 in order to keep up with customer demand for the vehicle.
The Biden administration is awarding $1.7 billion to 11 "shuttered or at-risk" facilities in Michigan, Ohio, Pennsylvania, Georgia, Illinois, Indiana, Maryland and Virginia, to bolster electric vehicle production.
Throughout the next year, dozens of new zero-emission buses will be hitting the pavement in the city of Detroit, all thanks to a $30.8 million federal grant.
The company said the temporary layoffs will impact about 1,600 workers for the month of July.
The last surviving original member of the Four Tops has died.
Connor Stalions is set to share his side of the story from an alleged sign-stealing scheme within Michigan's football team before the Wolverines went on to win the national championship.
Bob Newhart, who starred in the long-running sitcoms "The Bob Newhart Show" and "Newhart," has died at age 94.
Nominations for the 76th annual Emmy Awards were announced Wednesday, with "Shōgun," "The Bear," "Hacks," "Only Murders in the Building" and "Baby Reindeer" all earning multiple major nods. See the full list of nominees for the 2024 ceremony here.
"Big Brother" announced Tuesday the 16 new Houseguests who will move into the "Big Brother" house and, for the first time ever, have the power to vote in a 17th houseguest.
After years of soaring housing costs, renters are getting some relief as the Federal Reserve looks to extinguish inflation.
Chipotle CEO Brian Niccol said the company is addressing portion sizes after finding 10% of its locations were skimping.
Rep. Rashida Tlaib held up a sign that read "war criminal" on one side and "guilty of genocide" on the other during Israeli Prime Minister Benjamin Netanyahu's address to Congress.
Stellantis CEO Carlos Tavares pledged action to tackle problems in North America and elsewhere after reporting a plunge in first-half earnings.
This is what you need to know about when the 2024 Paris Olympics start and end, along with key games and events on the schedule.
Local businesses around Metro Detroit are taking the initiative to make their facilities more sensory-friendly.
Gov. Gretchen Whitmer has signed a law that would make it easier for people to be released from Michigan prisons if they're in debilitating health.
The now-recalled Diamond Shruumz gummies had been sold legally, but testing found they contained an illegal controlled substance.
Citing suspected links to a listeria outbreak, Canada's health agency has issued a recall notice for 18 plant-based drinks sold under the Silk and Great Value brands.
The study showed that inulin administered as gel-based immunotherapy prevented allergic reactions in mice for common peanut, egg white and milk allergies.
Hulk Hogan visited Detroit Lions practice and says coach Dan Campbell would have been good in the squared circle.
This is what you need to know about when the 2024 Paris Olympics start and end, along with key games and events on the schedule.
The Detroit Lions are coming off their best season in generations, earning two playoff victories in one postseason for the first time since winning the 1957 NFL title.
WWE legend Hulk Hogan is scheduled to visit Metro Detroit this week to launch his Real American Beer brand in Michigan.
The IOC also voted on Wednesday to name the French Alps as the host of the 2030 Winter Games.
With a red-hot election season on and 2024 past the halfway point, the focus is on business.
Gardner-White is a 112-year-old family-owned furniture retailer, and Stewart is the first female to serve as CEO of the company.
It's a focus on our physical well-being as we talk about the importance of oral health and its impact, particularly among children.
U.S. Energy Secretary Jennifer Granholm and U.S. Transportation Secretary Pete Buttigieg appear on CBS Detroit's Michigan Matters this Sunday.
The University of Michigan's Ross School of Business is celebrating its 100th anniversary this year.
The man arrested in the fatal shooting of Melvindale police officer Mohamed Said was arraigned Thursday.
In its promise to offer more affordable housing, the city of Detroit is about to invest another $1 billion toward its efforts. On Thursday, city and housing leaders broke ground on a brand-new development in North Corktown.
The man on trial for the murder of Samantha Woll was back in court on Thursday for a pretrial hearing.
Detroit Metro Airport is announcing some big additions that might change how you travel there. Twenty new ways that air travelers can use to pass the time at DTW are expected to open in 2025. With new restaurants and retail stores on the way, we're taking a look at what you can expect.
If you're dealing with anxiety over the current events in the election world, you are not alone.