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.
Two Flint men were charged after one allegedly shot the other during an altercation inside a restroom on Mott Community College's campus.
Dylan Larkin scored the go-ahead goal early in the third period and the surging Detroit Red Wings beat the San Jose Sharks 4-2.
Whitmer is expected to discuss her time in office and her proposals on creating jobs, lowering costs, continuing investments in education and literacy and building housing.
Former EMU players Jalen Terry and Da'Sean Nelson and current player Carlos Hart were among the 26 people indicted this week
While the termination of these substance abuse and mental health service funds is now reversed, the 48-hour rollercoaster is creating uncertainty and distrust from organizations relying on those dollars.
Temperatures drop Saturday and Sunday with a few more chances for snow.
Two Flint men were charged after one allegedly shot the other during an altercation inside a restroom on Mott Community College's campus.
Dylan Larkin scored the go-ahead goal early in the third period and the surging Detroit Red Wings beat the San Jose Sharks 4-2.
Whitmer is expected to discuss her time in office and her proposals on creating jobs, lowering costs, continuing investments in education and literacy and building housing.
The City of Detroit's snow response plan doesn't send plows into residential streets unless 6 inches of snow or more has fallen.
The Detroit Auto Show's Charity Preview is Friday night, and CBS News Detroit is taking you there.
The North American International Auto Show in Detroit once dedicated an entire track on its coveted show floor to getting consumers comfortable with electric vehicles and charging.
Penske and Reuss address a wide range of critical issues for Detroit, Michigan and the nation.
UAW Vice President Laura Dickerson confirmed that the worker is suspended with pay while Ford and the UAW discuss next steps.
In a tale of two speeches, Michigan Gov. Gretchen Whitmer has offered a rebuttal to President Trump's defense of his tariff policies, made just days before by the president in Detroit.
In a video provided to TMZ on Tuesday, Timothy Busfield said the allegations "are all lies."
Scott Adams, the cartoonist who created the "Dilbert" comic strip, has died at the age of 68, his first ex-wife revealed on Tuesday.
Here is everything you need to know about how to watch and stream the 2026 Golden Globes.
Bob Weir wrote or co-wrote and sang lead vocals on Grateful Dead classics including "Sugar Magnolia," "One More Saturday Night" and "Mexicali Blues."
Isiah Whitlock Jr. is perhaps best known for his role as state Sen. R. Clayton "Clay" Davis on HBO's "The Wire."
Dylan Larkin scored the go-ahead goal early in the third period and the surging Detroit Red Wings beat the San Jose Sharks 4-2.
As obesity rates among Americans drop and weight loss drugs lead to a slimmer society, airlines could save on fuel costs, according to a recent analysis.
Curtis International is recalling an additional 330,000 Frigidaire-brand minifridges to an existing recall after reports of the product catching fire.
A new tax deduction for senior citizens is kicking in this tax season, potentially providing bigger refunds to millions, the AARP says.
William J. Brock fatally shot the driver after wrongly assuming she was in on a plot to get $12,000 in supposed bond money for a relative, authorities said.
While the termination of these substance abuse and mental health service funds is now reversed, the 48-hour rollercoaster is creating uncertainty and distrust from organizations relying on those dollars.
The U.S. House of Representatives approved Thursday a three-year extension of subsidies for the Affordable Care Act.
Michigan health officials say only 23% of Michigan residents have received this year's influenza vaccine.
The CDC took six previously routine vaccinations off its recommendation list, but Michigan health officials suggest parents consider those immunizations anyway.
Eligible Detroit families will receive $1,500 during pregnancy, along with $500 per month for six months, for a total of $4,500 through Rx Kids.
Dylan Larkin scored the go-ahead goal early in the third period and the surging Detroit Red Wings beat the San Jose Sharks 4-2.
Former EMU players Jalen Terry and Da'Sean Nelson and current player Carlos Hart were among the 26 people indicted this week
A termination letter sent to ex-University of Michigan football head coach Sherrone Moore details the university's findings that resulted in Moore's firing last month.
Authorities said the alleged scheme involved 39 players, 17 different NCAA Division I men's basketball teams and 29 games.
Jeremy Swayman stopped 24 shots for his first shutout of the season, and the Boston Bruins beat the Detroit Red Wings 3-0 on Tuesday night.
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.
The focus is on health, as Dusty Mysen, a father of four from Oxford, diagnosed with pancreatic cancer several years ago, who underwent aggressive therapy, is now cancer-free five years later.
The roundtable discusses efforts by political and corporate leaders to raise the bar and improve K-12 education with a focus on raising reading scores.
With one in eight adults at risk for kidney disease, Dr. Silas Norman, a University of Michigan doctor specializing in kidney health, and Sandy Baruah, President and CEO of Detroit Regional Chamber, appear on Michigan Matters.
The 2026 Detroit Auto Show kicked off its annual Charity Preview on Friday, Jan. 16.
Friday is the Detroit Auto Show's Charity Preview, and Mayor Mary Sheffield speaks one-on-one with CBS Detroit's Lauren Winfrey about the meaning behind the event and what the auto industry means to the city of Detroit.
Temperatures fall this weekend with even colder air and wind chills well below zero next week.
Ford launched its 2026 racing season at Michigan Central, unveiling its driver lineups, liveries and future rollouts.
One day after the U.S. Department of Health and Human Services announced the termination of $2 billion in Substance Abuse and Mental Health Services Administration (SAMHSA) grants late Tuesday night, it reversed the decision, restoring those funds.