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.
Watch CBS News
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.
Parents say the lack of detail surrounding the malfunction has raised concerns.
A deer poaching investigation in Ohio has resulted in 11 hunters sentenced on state wildlife charges, including some from Michigan.
Part of a state highway in Northern Lower Michigan has washed out and is closed until further notice, the Emmet County Sheriff's Office said.
A report of a hostage situation in progress Sunday in Marine City was officially declared a "swatting" incident by local police.
The investigation is at a vacant lot in the 5000 block of Oregon Street near Beechwood Street.
The investigation is at a vacant lot in the 5000 block of Oregon Street near Beechwood Street.
The weather conditions on Monday for Southeast Michigan could include damaging wind gusts and hail. The severe weather risk is higher on Tuesday.
Residents in the Northern Lower Michigan city of Cheboygan have been told to prepare for possible evacuations as the flooding risk increases.
Part of a state highway in Northern Lower Michigan has washed out and is closed until further notice, the Emmet County Sheriff's Office said.
A report of a hostage situation in progress Sunday in Marine City was officially declared a "swatting" incident by local police.
At a gas station in Detroit, owner Mohamad Mallah, known to customers as Big Moe, decided to give back in a big way.
On average, drivers in the state are paying $3.87 per gallon for regular unleaded fuel.
Michigan Gov. Gretchen Whitmer has declared an energy emergency in eight Southeast Michigan counties amid rising gas prices across the state.
General Motors has announced that it's making another round of layoffs at its Factory Zero plant in Metro Detroit. The latest round, the second this year, impacts roughly 1,300 workers and is due to a readjustment of operations amid declining electric vehicle demand.
Cities in Michigan lose big tax revenue from pollution-control tax breaks, and many do not track what they give up.
Gene Simmons visited Detroit Rock City to celebrate the grand opening of a restaurant co-founded by him and his Kiss bandmate Paul Stanley.
The moon music tradition started more than 50 years ago, NASA said as it shared the Artemis II crew's playlist this week.
Restaurants are being considered for the new Michelin Guide American Great Lakes Edition, set to be revealed in 2027.
Kid Rock posted videos of the helicopters hovering by his Nashville home on social media over the weekend. The Army later confirmed the helicopters were on a training mission.
The bag, called the "Gold Standard Cassette Tape," features a bold, nostalgic design inspired by classic cassette tapes.
The cost of ground beef in the U.S. has soared in recent years and is forecast to jump even further in 2026. What gives?
Two years before her disappearance, Lynette Hooker temporarily split with her husband Brian, telling a friend, "Our marriage lasted 6 weeks cruising," and "It was bad. I can't be out there with him."
During a nearly 40-minute phone conversation, Brian Hooker told friends in descriptive detail what led to the incident where his wife allegedly went missing.
Pope Leo has been critical of the war in Iran and other priorities of the Trump administration, but says his comments are "not meant as attacks on anyone."
Rory McIlroy of Northern Ireland won the 2026 Masters Tournament at Georgia's Augusta National, claiming his second straight green jacket.
Autism in the D is hosting a "Weekend of Inclusivity," featuring two events aimed at supporting families and highlighting gaps in autism resources across the city.
Dominic Weber and Haylie Reeves met at North Star Reach as campers in 2016.
The Detroit Health Department is hosting a Public Health Week through Saturday, April 11, to provide resources in neighborhoods.
The Michigan Department of Health and Human Services is encouraging parents to consider moving up their children's vaccines against the measles in seven counties.
Many Michigan teens in severe mental health crises are sent far from home for treatment due to a lack of local resources.
Paul Reed finished with 26 points, six rebounds, three assists and three blocks and Tobias Harris scored 24 points in limited minutes Sunday, propelling the Eastern Conference's top-seeded Detroit Pistons past the Indiana Pacers 133-121.
Rory McIlroy of Northern Ireland won the 2026 Masters Tournament at Georgia's Augusta National, claiming his second straight green jacket.
Tarik Skubal outpitched Sandy Alcántara in a matchup of Cy Young Award winners, Dillon Dingler, Kevin McGonigle and Kerry Carpenter homered and the Detroit Tigers earned a three-game sweep with an 8-2 win over the Miami Marlins.
The Detroit Red Wings sat on the bench, stewing in stunned silence, after their latest loss sealed their fate as a franchise relegated to watching the NHL playoffs on TV.
Jesper Bratt scored his second goal with 3:34 left in the third period, helping the New Jersey Devils eliminate the Detroit Red Wings from the NHL playoff picture with a 5-3 win on Saturday.
It's a look at the critical relationship between Canada, Michigan and the U.S. on this week's Michigan Matters.
The roundtable discusses the dramatic impact AI is having in the classroom, at companies and inside homes.
There's a focus on Michigan's defense industry as a national convention comes to Detroit in a few weeks, with over 11,000 people expected at Huntington Place.
Dave Coulter updates Oakland County's move to its new offices in downtown Pontiac and when that might take place.
Gardner White opened doors in Detroit in 1912, and the retailer continues to expand with nine new stores planned this year.
Lake Shore Public Schools closed all schools on Monday after a technical issue disrupted the district’s safety and communication systems.
Pope Leo has repeatedly warned that violence is becoming normalized and that religious language is at risk of being misused to justify it. Tina Kraus reports.
A report of a hostage situation in progress Sunday in Marine City, Michigan, was officially declared a "swatting" incident by local police.
FBI and Detroit police officers are working on a police investigation Monday in Detroit's west side.
Residents in the Northern Lower Michigan city of Cheboygan have been told to prepare for possible evacuations as the flooding risk increases.