DETROIT-- The Detroit Institute of Arts has been allowed into talks on how to protect city-owned pieces in its collection during Detroit's bankruptcy. A judge let Detroit enter bankruptcy Dec. 3. New York auction house Christie's says art purchased with city money is worth $450 million to $870 million.» Read More
CNBC's Scott Cohn has the latest details on whether a judge agrees the Motor City is eligible to get rid of its debt.
CNBC's Scott Cohn reports U.S. Bankruptcy Judge Steven Rhodes is saying Federal bankruptcy law allows for the alteration of contracts, which includes pensions. The judge is not necessarily allowing for deep pension cuts. Jessalynn Moro, Fitch head of U.S. local governments, provides insight.
CNBC's Scott Cohn reports U.S. Bankruptcy Judge Steven Rhodes continues to issue his ruling on Detroit's request for bankruptcy. Rhodes said nothing in Federal law distinguishes pension debt from other debt.
CNBC's Scott Cohn reports U.S. Bankruptcy Judge Steven Rhodes continues to issue his ruling on Detroit's request for bankruptcy.
CNBC's Scott Cohn reports on the pending decision of a federal bankruptcy judge to decide if Detroit is eligible for chapter nine protection.
A judge is expected to announce whether Detroit can get rid of $18 billion in debt in the largest public bankruptcy in U.S. history.
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.
CNBC's Scott Cohn and Lawrence Weiss, Tufts University professor, take a look back at the collapse of Enron twelve years ago and weigh in on what would have saved the company.
"Lots of businesses have had a longer runway to recover," says AlixPartners CEO Fred Crawford, in discussing corporate America's health amid "easy money."
The merger creating American Airlines Group is now expected to close on Dec. 9.
NEW YORK, Nov 27- A judge on Wednesday approved a settlement resolving U.S. regulators' opposition to a merger between AMR Corp and US Airways Group Inc, allowing AMR, the bankrupt parent of American Airlines, to soon close on a tie-up that will create the world's largest carrier.
CNBC's Kayla Tausche reports Detroit creditors plan to request a court-appointed committee to value art in the city of Detroit, which has declared bankruptcy.
Nov 26- The U.S. Supreme Court will hear a dispute in the bankruptcy of a small-town pizza shop owner, taking on a case that could dictate how inherited individual retirement accounts are treated in bankruptcy.
A judge will announce Dec. 3 whether Detroit is eligible to get rid of its debts in bankruptcy court, the largest public bankruptcy in U.S. history.
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 may formally enter municipal bankruptcy, according to a court filing posted Monday. Judge Stephen Rhodes will hand down his ruling in federal bankruptcy court in Detroit at 9 a.m. that day.
NEW YORK, Nov 25- The parent company of American Airlines on Monday asked a bankruptcy court to approve a settlement with U.S. regulators that would allow it to merge with rival US Airways Group and create the world's largest airline.
WILMINGTON, Del., Nov 25- The bankruptcy of Fisker Automotive could end up costing the U.S. government much more than the $168 million it loaned to the maker of the Karma plug-in hybrid sports car.
DETROIT, Nov 22- Fisker Automotive, the moribund maker of the Karma plug-in hybrid sports cars that was backed with a loan by the U.S. government, filed for Chapter 11 bankruptcy protection on Friday after lengthy efforts by investors to salvage the company.
DETROIT, Nov 22- Fisker Automotive, the moribund maker of the Karma plug-in hybrid sports cars, agreed to sell itself to an investor group on Friday and filed for Chapter 11 bankruptcy protection.
RIO DE JANEIRO, Nov 21- A Brazilian judge on Thursday accepted a request for bankruptcy protection from former billionaire Eike Batista's oil company, OGX, but denied the same protection for two small foreign subsidiaries in a potential setback for the company.