Creditors, bond holders and unions are meeting with Detroit’s state-appointed emergency manager Friday to hear his plan to keep the city out of Chapter 9 bankruptcy.
Kevyn Orr made the comment at a public meeting to discuss his plans for staving off bankruptcy and reducing $15 billion in unfunded municipal obligations.
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.