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.
Leland House ownership attorneys filed new paperwork asking the city to approve tenant asset removal procedures.
Ann Arbor residents are encouraged to fill out an online survey to provide feedback.
As Women's History Month kicks off, Donna Murray-Brown, the new president and CEO of Inforum, appears on Michigan Matters.
This past weekend was filled with the NCAA indoor track championships, including the Ivy League Championships held at the Nike Track at the Armory in New York City.
A Detroit-area judge has erased a 1999 murder conviction after prosecutors acknowledged that a confession was coerced by a rogue police officer.
Leland House ownership attorneys filed new paperwork asking the city to approve tenant asset removal procedures.
Ann Arbor residents are encouraged to fill out an online survey to provide feedback.
A Detroit-area judge has erased a 1999 murder conviction after prosecutors acknowledged that a confession was coerced by a rogue police officer.
As Women's History Month kicks off, Donna Murray-Brown, the new president and CEO of Inforum, appears on Michigan Matters.
This past weekend was filled with the NCAA indoor track championships, including the Ivy League Championships held at the Nike Track at the Armory in New York City.
For the first time in 15 years, Stellantis is not issuing a profit-sharing distribution to UAW-represented employees.
Union Vice President Laura Dickerson confirmed that the worker, TJ Sabula, "has no discipline on his record."
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.
Actor and filmmaker Bruce Campbell told fans that he is in treatment for cancer and will cancel some upcoming public appearances.
Faster Horses, a multi-day country music festival, will not return this summer to Michigan International Speedway.
Hillary Knight, Megan Keller and Jack and Quinn Hughes made a surprise appearance during "Heated Rivalry" star Connor Storrie's opening monologue on "SNL."
Singer-songwriter Neil Sedaka, known for his hits like "Laughter in the Rain," "Breaking Up is Hard to Do" and "Calendar Girl," has died.
A 19th-century George Méliès film, thought to be long lost, has been found among a box of brittle movie reels that a Michigan donor brought to the Library of Congress, officials said.
Tests of dozens of baby formulas by Consumer Reports found that nearly half contained potentially dangerous chemicals.
U.S. financial markets rebounded after shedding more than 1,200 points in earlier trading on Tuesday.
The State Department urged Americans to "depart now" from countries including Bahrain, Egypt, Israel, Lebanon, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Israel sent troops into Lebanon as the U.S.-Israeli war with Iran widened, and some of Iran's Gulf neighbors warned that Iran's retaliatory fire could draw them into the spreading conflict.
Many people in Michigan have ties to Iran, and they're watching the war closely.
Tests of dozens of baby formulas by Consumer Reports found that nearly half contained potentially dangerous chemicals.
Henry Ford Health and Teamsters Local 332 remain locked in a labor dispute over a nurses' contract.
Detroit Mayor Mary Sheffield on Monday appointed former Dearborn Public Health Officer Ali Abazeed as Detroit's new chief public health officer.
Lawmakers say Green Alerts won't just help bring veterans to safety, but also national guard and active service members.
USALESS.COM is recalling its Rhino Choco VIP 10X product due to the undeclared presence of Tadalafil, which is the active ingredient in Cialis.
This past weekend was filled with the NCAA indoor track championships, including the Ivy League Championships held at the Nike Track at the Armory in New York City.
The Detroit Lions are shaking up their offense with the release of offensive lineman Graham Glasgow on Monday.
The Lions are trading running back David Montgomery to the Texans in exchange for offensive lineman Juice Scruggs, according to CBS Sports.
Detroit SportsNet, a newly launched cable/satellite television channel, will be the broadcast home of the Tigers and the Red Wings.
Cade Cunningham had 29 points and 11 assists, Tobias Harris scored 23 points and the NBA-leading Detroit Pistons beat the Orlando Magic 106-92 on Sunday night for their sixth straight road victory.
As Women's History Month kicks off, Donna Murray-Brown, the new president and CEO of Inforum, appears on Michigan Matters.
Penske, a business and racing legend, turns 89 on Feb. 20 and is celebrating his 60th year in racing during 2026.
Claressa Shields talks about giving back to the community and her efforts to increase equity for women in sports.
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?
Many Leland House tenants are frustrated and angry, pushing Detroit City Council members to take action nearly three months after they were evacuated from their homes.
The City of Ann Arbor is considering getting rid of its outdoor warning siren system and is now seeking feedback from residents before making a final decision.
Faster Horses, a multi-day country music festival, will not return this summer to Michigan International Speedway.
Ford is launching a new Supercharger kit for all 2026 Ford F-150 and Mustang models equipped with the 5.0-liter V8 engine.
More cloud cover as today begins a warming trend. NEXT Weather Meteorologist Karen Carter explains how warm it's going to get and when we can expect rain.