Detroit claimed that its plan to adjust its debt and exit bankruptcy is feasible and fair, but one of its creditors said it skirts bankruptcy law.» Read More
FRUITPORT TOWNSHIP, Mich.— Police in western Michigan say they arrested a shoplifting suspect following her slow-speed getaway in a $1,200 motorized wheelchair shopping cart taken from a Wal-Mart. The Muskegon Chronicle says police located 46- year-old Shirley Mason about two miles away, riding the cart with $600 in clothing.
DETROIT, Sept 10- A federal judge on Wednesday put the landmark trial on Detroit's plan to exit bankruptcy on hold until Monday, as the city neared a deal with one of its most formidable hold-out creditors. Syncora, which emerged as Detroit's fiercest opponent in the bankruptcy proceedings, forged a deal that its attorney, Ryan Bennett at Kirkland& Ellis, told U.S.
CHICAGO, Sept 10- Retail giant Wal-Mart joined a group of volunteers counting corn ears and soybean pods in fields in the United States recently in a clear sign traditional crop tours are expanding their appeal from farmers and traders to all those with a stake in the U.S. food chain.
DETROIT— Cellphones that warn drivers when people are crossing in front of them. These life- or time-saving technologies are being shown off this week at the Intelligent Transport Systems World Congress in Detroit.
NEW YORK— TRW Automotive is selling its engine valve business to Federal-Mogul Holdings Corp. for $385 million as the maker of airbags, steering wheels and emergency braking systems seeks to focus on its car safety products business. Federal-Mogul said the acquisition will help boost its powertrain business.
DETROIT, Sept 10- U.S. safety regulators are investigating about 160,000 Dodge Caravan minivans following reports of engine stalling.
DETROIT— DETROIT— In a story Sept. 9 about a tentative agreement reached between Detroit and major creditor Syncora in its bankruptcy trial, The Associated Press reported erroneously that Steven Schlein is a spokesman for Syncora. Schlein does public relations for Kirkland& Ellis, a law firm representing Syncora.
Sept 9- Detroit and one of its last hold-out creditors, Syncora Guarantee Inc, have reached an agreement in principle over the city's plan to adjust its debt and exit bankruptcy, according to a federal court filing on Tuesday.
Syncora spokesman Steven Schlein told The Associated Press the company would get 26 percent of what it's owed. Detroit also would extend Syncora's lease on the Detroit-Windsor Tunnel by 20 years, to 2040, and give the company a 30- year lease on the Grand Circus Park parking garage, Syncora said.
CUPERTINO, Calif.— For the first time in years, Apple's iPhones weren't the star of the show. The move is significant because of recent questions about whether Apple still has a knack for innovating following the 2011 death of co-founder Steve Jobs. NEW YORK— In the world of currencies, the dollar is starting to look like a safe home in a tough neighborhood.
DETROIT— Honda shared its vision of the hands-free highway commute Tuesday, a car that can safely drive itself on the freeway while the driver's hands are off the wheel. While the car is just a prototype, Honda says the technology could start appearing on Honda cars in 2020 and beyond.
WASHINGTON— Both sides in the gay marriage debate agree on one thing: It's time for the Supreme Court to settle the matter. Officials in five states in which marriage bans were struck down by federal courts have rushed their appeals to the Supreme Court, in time for consideration by the justices when they meet in private on Sept. 29.
NEW YORK/ WILMINGTON, DELAWARE, Sept 9- Puerto Rico's indebted power authority better get used to some tough love from its new chief restructuring officer, Lisa Donahue, who has earned a reputation for decisiveness, hard work and a cold-blooded devotion to cutting costs.
Sept 9- Natural gas and oil producer Chesapeake Energy Corp must face trial on charges of felony racketeering and using false pretenses related to its land-leasing practices, a state judge has ruled.
DETROIT, Sept 9- Detroit reached a deal with three Michigan counties over regional water and sewer services that could drop the counties as objectors to the city's plan to adjust its debt and exit bankruptcy, officials announced on Tuesday.
Delphi also said Praxair Inc executive Mark Murphy would join the company in October, succeeding Clark as CFO. Delphi started out as a subsidiary of General Motors Co before being spun off in 1999, but continues to be closely associated with the Detroit automaker.
DETROIT— The Detroit water department would be turned into a regional agency with a 10- year limit on annual rate increases and an infusion of millions of dollars from the suburbs, under a deal the mayor and other officials announced Tuesday.
Sept 9- Auto parts maker Delphi Automotive Plc said Chief Executive Officer Rodney O'Neal would retire in March and that Chief Financial Officer Kevin Clark would succeed him. Delphi also said Praxair Inc executive Mark Murphy would join the company in October, succeeding Clark as CFO.
DETROIT— Auto parts maker Delphi Automotive says CEO Rodney O'Neal will retire on March 1 of next year. The company says O'Neal will stay on as an adviser through 2015. Chief Financial Officer Kevin Clark will become chief operating officer Oct. 1 and succeed O'Neal as CEO next year.
DETROIT— A man's complaint that his Chrysler minivan stalled unexpectedly after refueling has brought an inquiry from U.S. safety regulators.