Expert: Detroit Could Go Bankrupt Before End Of Year
Projections show Detroit's cash on hand dropping as low as $3.6 million by Dec. 21. It stood at $53 million on Friday.
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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
It was a packed house inside the borders book store in Dearborn for the company's liquidation sale.
Liquidation sales get underway Saturday morning at more than 200 Borders bookstores around the country.
A group of car dealers who lost their businesses in Chrysler's 2009 bankruptcy have sued the government, claiming their dealerships were shuttered without adequate compensation.
It's been long rumored, and now it's been confirmed: Borders is ready to start the bankruptcy process.
There's yet another report that Ann Arbor-based bookseller Borders Group will declare bankruptcy.
The Michigan State Police says it's investigating a rollover crash that stemmed from a rear-end collision in Detroit on Saturday night.
The Allen Park Police Department in Michigan has shared information about a missing person who was last seen early Thursday.
Two police officers in Highland Park, Michigan, were injured in a crash involving two of the city's own patrol cars, the Michigan State Police said Sunday morning.
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the 2026 Winter Olympics shared their thoughts on U.S. politics.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
Barbecue lovers are trying to save an iconic Detroit business in danger of closing for good on Sunday.
Two police officers in Highland Park, Michigan, were injured in a crash involving two of the city's own patrol cars, the Michigan State Police said Sunday morning.
Fire Chief Joseph Murray says they were in contact with the driver and are not aware of any injuries.
The Michigan State Police says it's investigating a rollover crash that stemmed from a rear-end collision in Detroit on Saturday night.
The Allen Park Police Department in Michigan has shared information about a missing person who was last seen early Thursday.
Some General Motors employees are taken aback by this year's profit-sharing checks, with it being $4,000 less than the previous one.
While many assume a "harsh" winter, or this bone-chilling, sustained cold, is the enemy of asphalt, the real culprit is temperature fluctuation.
In Metro Detroit, drivers are paying about $2.90 per gallon, which is 2 cents less than last week and 29 cents less than at the same time last year.
The winter storm that brought snow to Southeast Michigan on Sunday didn't stop car enthusiasts from leaving their homes for the final day of the 2026 Detroit Auto Show.
As the 2026 Detroit Auto Show wraps up Sunday, the roundtable discusses the signature event and standout moments from the past two weeks.
Brad Arnold, the founder and lead singer of the 3 Doors Down has died following "his courageous battle with cancer," the rock band announced Saturday on social media.
Bad Bunny is set to take the stage at halftime for the 2026 Super Bowl. Here's who else is performing at Super Bowl 60.
Lead singer and frontman Dee Snider said he suffers from degenerative arthritis and has had several surgeries over the years.
Chuck Negron, a founding member of Three Dog Night whose lead vocals powered a string of hits for one of the top rock acts of the late 1960s and early '70s has died. He was 83.
Many Super Bowl 60 ads are already online, along with teasers for commercials that will be unveiled during the NFL championship on Feb. 8.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
Savannah Guthrie released a new video on Saturday, saying her family is willing to pay for the safe return of their mother.
Will Lewis, CEO and publisher of the Washington Post, has resigned just three days after the storied newspaper laid off about one-third of its staff.
Bad Bunny is set to take the stage at halftime for the 2026 Super Bowl. Here's who else is performing at Super Bowl 60.
Daniss Jenkins scored 18 points in his last game as a two-way player and the Detroit Pistons routed New York 118-80 on Friday night to end the Knicks' winning streak at eight games.
Two Metro Detroit representatives are among those sponsoring a bill that calls for a 32% tax on any wireless device purchased for someone age 17 and younger.
The Oakland Community Health Network will now be taking over that responsibility amidst a financial dispute between the two organizations.
Legionella testing at Oakland County government facilities has detected the bacteria in the water systems of two additional buildings.
When the temperatures plummet, and the snow starts piling up, most of us have the same instinct: retreat indoors, crank up the heat, and get cozy.
Planned Parenthood of Michigan has started to offer vasectomy services in Grand Rapids, with plans to expand the procedure across the state.
President Trump criticized Team USA freestyle skier Hunter Hess after he and other American athletes at the 2026 Winter Olympics shared their thoughts on U.S. politics.
Lindsey Vonn, who came out of retirement to compete in the Milano Cortina Games, is in stable condition after her crash.
Terrance Gore, a former outfielder and three-time World Series champion known for his blazing speed on the base paths, has died at 34 years old, according to Major League Baseball officials.
Ryan's father led the Jets from 2009-14, including back-to-back appearances in the AFC Championship Game.
Bad Bunny is set to take the stage at halftime for the 2026 Super Bowl. Here's who else is performing at Super Bowl 60.
The roundtable discusses the impact of the high-profile game for advertisers, including Detroit-based Rocket and Redfin.
Could a new entertainment tax and a new sales tax be ahead for the Motor City?
As the 2026 Detroit Auto Show wraps up Sunday, the roundtable discusses the signature event and standout moments from the past two weeks.
Penske and Reuss address a wide range of critical issues for Detroit, Michigan and the nation.
Huntington Place CEO Bryan Crowe and his team have been preparing to welcome hundreds of thousands of visitors to the Detroit Auto Show this week.
Detroit Pistons President of Basketball Operations Trajan Langdon said he took some calls ahead of the NBA trade deadline on Thursday. CBS News Detroit's Rachel Hopmayer reports on the only move the team made and why the organization has confidence in their core players.
Another cold night before warmer air moves in
Investigators were back at the home of Nancy Guthrie on Friday, nearly a week after she went missing. They were seen taking a closer look at the roof of her house and at a car in Tucson, Arizona. Andres Gutierrez shares details about the ongoing search for the mother of "Today" show co-host Savannah Guthrie.
Parks Old Style Bar-B-Q in Detroit's North End neighborhood is in danger of closing after 60 years of business. Veronica Ortega spoke to people who lined up outside in cold conditions to give patronage to the business.
Hundreds of students stepped into the spotlight at Cass Technical High School on Saturday for the Detroit Public Schools Community District Spelling Bee. Teachers say the competition is about more than just spelling.