Why is the city of Detroit, which is on the brink of bankruptcy, paying lawyers nearly $1,000 an hour?
Officials at the Masonic Temple want to make it clear that it’s a theater management company that is filing for bankruptcy — not the Detroit landmark.
Last Friday, the emergency manager for Detroit laid out plans to avoid bankruptcy. And now, Pontiac’s emergency manager gets his turn.
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.