Some cities may need to be pushed into bankruptcy, while others may just need a healthy dose of private-sector medicine, said TransPro Consulting CEO Mark Aesch.» Read More
If Rhodes rules Detroit is eligible for bankruptcy, which most experts expect, the city will begin working toward its next major move, the submission of a plan to readjust its more than $18 billion in debt.
DETROIT, Nov 25- The judge overseeing Detroit's historic bankruptcy petition set Dec. 3 as the date for issuing his decision on whether the cash-strapped city qualifies as bankrupt under federal law, according to a court filing posted Monday.
Nov 25- The judge overseeing Detroit's historic bankruptcy petition set Dec. 3 as the date for issuing his decision on whether the cash-strapped city qualifies as bankrupt under federal bankruptcy law, according to a court filing posted Monday. Judge Steven Rhodes will hand down his ruling in federal bankruptcy court in Detroit at 9 a.m. that day.
Nov 20- J.C. Penney Co Inc on Wednesday said November sales were encouraging and popular house brands were lifting gross profit margin, suggesting the struggling department store operator is turning a corner.
LANSING, Mich., Nov 12- A Michigan emergency loan board on Tuesday approved a plan for the state of Michigan to lease Belle Isle park from Detroit for 30 years, with possible extensions up to 60 years, rejecting a competing plan from Detroit's city council that would have limited the initial lease period to 10 years.
DETROIT, Nov 8- Detroit on Friday wrapped up its effort to prove that it is eligible for the largest municipal bankruptcy in U.S. history, clashing with unions, retirees and pension funds over whether good faith negotiations were feasible before the city filed for court protection on July 18.
NEW YORK, Nov 8- Michigan Governor Rick Snyder is optimistic that Detroit's bankruptcy case can be wrapped up during the remaining tenure of the emergency manager he installed to run the cash-strapped city, he said Friday. Orr has said he expects to depart by September, 2014 at which point he also expects Detroit to emerge from bankruptcy.
DETROIT, Nov 8- Detroit tried in good faith to negotiate an out-of-court settlement with creditors before declaring bankruptcy on July 18, even though it suspected that default was unavoidable, a lawyer for the city told a court on Friday.
Nov 8- Two insurance companies that guaranteed payments on Detroit's voter-approved general obligation bonds sued the city in U.S. Bankruptcy Court on Friday over its Oct. 1 default on $9.37 million in payments due to bondholders.
DETROIT, Nov 4- Detroit's unions called witnesses on Monday to testify that the city does not belong in bankruptcy including representatives of a union and retirees who said a negotiated settlement of the city's debts had been possible before it filed for bankruptcy in mid-July.
*Voters to choose Tuesday between Mike Duggan and Benny Napoleon. *He would be Detroit's first white mayor in nearly 40 years. DETROIT, Nov 4- Detroit, saddled with $18 billion in debt, has filed for bankruptcy.
DETROIT, Oct 28- Michigan Governor Rick Snyder defended Detroit's bankruptcy filing on Monday, stating in court that he followed the state and federal constitutions while addressing fiscal issues that had built up in Detroit for more than half a century.
DETROIT, Oct 28- Detroit's emergency manager painted a picture of a city in dire financial straits in testimony on Monday, with budgets so strained that bumpers were falling off police cars, as he laid out the city's case of why a municipal bankruptcy filing was the only way back to health.
DETROIT, Oct 25- Detroit Emergency Manager Kevyn Orr did not speak about filing for Chapter 9 municipal bankruptcy in his first meetings with Michigan state officials before he was named to his post, according to testimony he delivered on the third day of the city's bankruptcy eligibility trial.
DETROIT, Oct 25- Cuts to Detroit's public pensions and retiree healthcare were inevitable given the city's sagging finances, a top consultant for the city testified on Friday during the third day of a trial to determine whether the city is eligible for bankruptcy.
DETROIT, Oct 23- A trial on Detroit's eligibility for bankruptcy protection kicked off on Wednesday with opponents claiming the city tried to bypass restrictions on cutting workers' pensions, as experts in municipal bankruptcy around the country watched closely in a case that could set important precedents.
Bankruptcy Judge Steven Rhodes on whether Detroit is eligible to restructure its debts and liabilities under Chapter 9 of the U.S. Kevyn Orr, the city's emergency manager who has broad powers over Detroit's finances, is expected to testify on Friday, his spokesman, Bill Nowling said by a Twitter message.
DETROIT, Oct 23- In a federal court building in downtown Detroit, beginning on Wednesday morning, the largest municipal bankruptcy filing in U.S. history comes down to a single question: Is Detroit bankrupt?
Department of Justice attorney on Wednesday defended the legality of Chapter 9 municipal bankruptcy in the second day of hearings addressing legal issues surrounding Detroit's bankruptcy case.
DETROIT, Sept 19- Detroit residents, city retirees and even two city council members stood Thursday where dozens of bankruptcy lawyers have gone before them: before Bankruptcy Judge Steven Rhodes, arguing why their city does not belong in bankruptcy court.