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Detroit said it would stop making some debt payments and asked creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in US history.
DETROIT, June 14- Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
NEW YORK, June 14- Oil rose and U.S. crude hit a nine-month intraday high on Friday, after news that the United States had authorized sending U.S. weapons to Syrian rebels sparked concerns about Middle East supplies.
June 14- The following are the top 20 investment fund companies with the largest exposure to Detroit debt:. Family# of Current# of Total US net funds market open-e assets with value nd in munis Detroit of muni issues Detroit funds issues. Franklin Templeton 32 80.67 6 569.8.
June 14- Detroit's emergency manager on Friday said the city, trying to avoid what would be America's biggest municipal bankruptcy, was halting payments to owners of Detroit's unsecured debts.
DETROIT, June 14- Chrysler Group LLC, the U.S. automaker controlled by Italy's Fiat, will freeze its U.S. pension plans for some 8,000 white-collar workers hired before 2004 on Dec. 31.
James Hohman of the Mackinac Center for Public Policy discusses how the city might deal with its unfunded health care and pension obligations.
DETROIT, June 14- Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the "insolvent" city in order to avoid the largest municipal bankruptcy filing in U.S. history.
DETROIT, June 14- Detroit Emergency Manager Kevyn Orr said he still sees a 50/ 50 chance the city will have to file the largest municipal bankruptcy in U.S. history. Orr spoke after he met with holders of some $17 billion in Detroit debt and called on them to accept a substantial cut in the money they are owed.
June 14- Credit rating agency Fitch said it would consider Detroit to be in default if it stops making payments on certain obligations as indicated Friday by the city's emergency manager.
DETROIT, June 14- Emergency manager Kevyn Orr said Detroit will stop making payments on some debt, including one scheduled on Friday, and proposed debt holders take a drastic cut in the money they are owed to stave off the largest municipal bankruptcy filing in U.S. history.
DETROIT, June 14- Detroit's emergency manager on Friday called for "shared sacrifice" among all the city's creditors and said payments on certain outstanding bonds would stop immediately.
DETROIT, June 14- Detroit's creditors will begin to learn on Friday morning what they can recover without driving the financially troubled city into bankruptcy when the city's emergency manager unveils his restructuring plan.
June 13- Standard& Poor's Ratings Services on Thursday revised the rating outlook on Detroit's senior and second-lien sewage revenue bonds to negative from stable due to concerns over debt service coverage levels.
DETROIT, June 13- Ford Motor Co may branch out and develop new models for Lincoln in fast-growing vehicle segments as part of the second-largest U.S. automaker's latest attempt to revive the struggling luxury brand and boost its profits.
"Companies would feel less pressure to shift income to low-tax jurisdictions because that income would be taxed at the same rate- whether it is earned in the United States or Bermuda," Dave Camp, chairman of the Ways and Means Committee in the U.S. House of Representatives, said at a hearing on Thursday.
NEW YORK, June 13- When the state of Mississippi begins offering subsidized health insurance under President Barack Obama's reform law this year, residents will have only one choice- Magnolia Health Plan- a small insurer little known in most of the country.
WASHINGTON, June 13- U.S. retail sales rose more than expected in May and first-time applications for jobless benefits fell last week, showing signs of resilience in the economy despite belt-tightening in Washington. "
Ford plans to add 800 more white-collar workers by the end of 2013 after already signing on 2,200 so far this year. It's another sign of surging domestic demand.
DETROIT, June 12- General Motors Co on Wednesday said it is targeting an investment grade credit rating "within the year" as the U.S. automaker works to distance itself from the stigma of its 2009 bankruptcy.