Detroit looks to emerge as at least a survivor if not a winner from its bankruptcy, with bondholders and municipal borrowers the biggest losers.» Read More
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.
CNBC's Tyler Mathisen and Jenilynn Estereicher, Century 21 Town & Country, discuss statistics and inventory in the suburban Detroit housing market.
Puerto Rico, heavily indebted and looking to borrow more money to cover its bills, is taking steps to calm wary investors.
Oct 24- Time Warner Cable will carry Al Jazeera America, which it had dropped earlier this year, giving the cable news channel a bigger foothold in the United States, where it has struggled to gain distribution.
CNBC's Scott Cohn reports hundreds of protesters showed up at Day 1 of Detroit's bankruptcy trial to argue pensioners are being used as scapegoats.
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.
DETROIT, Oct 23- General Motors Co's ability to reverse years of losses in Europe is coming down to products, not partners. The U.S. automaker appears to be gaining confidence that it doesn't need the help of France's PSA Peugeot Citroen or any other partner to stem more than $18 billion in European losses over the past 13 years.
The city of Detroit will present a "mountain of evidence" to show that its perilous finances qualify for a turnaround in bankruptcy court.
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.
*Peugeot says GM small-car programme like to be scrapped. *Peugeot quarterly revenue falls on European sales slide. PARIS, Oct 23- PSA Peugeot Citroen and General Motors are scaling back their alliance, undermining a central pillar of the French carmaker's recovery plan as the U.S. group exhibits growing confidence about its own European business.
A federal judge will now decide whether Detroit can reorganize under Chapter 9, reports CNBC's Scott Cohn with the latest details on the city's bankruptcy.
Robert James Ritchie, "Kid Rock," talks about making the Motor City his home and shares his plans to help revitalize the area by offering fans $20 concert tickets and $4 beer.
*Peugeot says GM small-car programme like to be scrapped. *Peugeot quarterly revenue falls on European sales slide. PARIS, Oct 23- PSA Peugeot Citroen and General Motors are scaling back their alliance as the French carmaker pursues an investment by China's Dongfeng and the U.S. group seeks greater control of its destiny in Europe.
Dan Gilbert, Quicken Loans founder & chairman, shares his plans to revitalize the Motor City through the private sector and capitalism.
A federal judge will decide if the city of Detroit will be able to reorganize under Chapter 9 of the bankruptcy code, reports CNBC's Scott Cohn.
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?
Sharon L. Levine, partner at Lowenstein Sandler LLP, argues that by filing for bankruptcy, Detroit violated both the federal and state constitution, especially the clause on pensions.
DETROIT, Oct 21- The federal judge overseeing Detroit's bankruptcy filing called the city's pension funds "unsecured creditors" and stated that any special protections for them would violate federal bankruptcy law.
DETROIT, Oct 21- Both Volkswagen AG management and the United Auto Workers union want to see history play out differently in Tennessee from the last time the German automaker had a U.S. assembly plant.