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
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.
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.
Analysts are busy assessing the potential winners and losers when Borders Group begins the process of going out of business.
Ann Arbor-based bookseller Borders Group, reorganizing under Chapter 11 bankruptcy protection, has agreed to be purchased by Phoenix-based investment firm Najafi Cos.
While Borders Group struggles to emerge from bankruptcy protection, it will be able to pay its top executives large bonuses.
A federal bankruptcy judge grants Borders Group interim approval of temporary financing and approves a plan to close 200 stores.