The Motor City has filed for chapter 9 municipal bankruptcy as it faces up to $20 billion in long-term debt.
Detroit is asking a federal judge for permission to go into Chapter 9 bankruptcy protection, reports CNBC's Scott Cohn.
CNBC's Scott Cohn is following Detroit's decision to file for Chapter 9 bankruptcy; and flipping was hot during the housing bubble, and it seems to be making a comeback, with CNBC's Diana Olick.
CNBC's Scott Cohn reports Detroit has filed for bankruptcy. It is the largest city in the U.S. to ever do so. Emergency manager Kevyn Orr, who was appointed by the state, asked permission to file for Chapter 9 bankruptcy protection today.
Detroit may file for bankruptcy as soon as Friday, setting up what would become the largest municipal insolvency in U.S. history.
Freep.com has reported Detroit prepares to file for bankruptcy tomorrow.
If Detroit doesn't make a sweeping deal with creditors, it's expected to file for chapter 9 as early as this week. Alexandra Lebenthal, Lebenthal & Co., offers insight.
Sen. Chuck Grassley says IRS officials targeted political candidates for audits, and a major player in the Mexican drug trade has been caught. CNBC's Josh Lipton has tonight's headlines; and Retired General and former drug czar Barry McCaffrey, weighs in.
Detroit is $19 billion in debt, and in danger of becoming the country's municipal bankruptcy. What this means for the municipal bond market, with Steve Malanga, Manhattan Institute senior fellow; and Doc Thompson, The Blaze Radio.
Chairman of the Detroit Blight Authority, Bill Pulte is looking to get rid of the dangerous homes in the depressed city of Detroit. He is working to stabilize the city and help fix the suffering public safety issues by decreasing the number of abandon buildings.
Michael Ward, auto analyst at Sterne Agee, discusses the US auto industry "steady recovery", why the Detroit 3 are the biggest beneficiaries and why Japanese brands should continue to hold up.
Lurching toward a possible bankruptcy filing, Detroit has become distraught at talk of selling municipal treasures, such as a classic car collection, to help pay off debts.
Discussing the state of Detroit's economy, with CNBC Contributor Keith Boykin; Heather Higgins, Independent Women's Voice; and Doug Holtz-Eakin, American Action Forum.
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.
James Hohman of the Mackinac Center for Public Policy discusses how the city might deal with its unfunded health care and pension obligations.
The city of Detroit is defaulting on $2.5 billion in debt. It's part of the city's attempt to reinvent itself and get on solid financial footing. It will impact retirees and current city workers, reports CNBC's Mary Thompson.
The Treasury Department says it will begin another round of sales of the General Motors stock it acquired during the government's bailout of the auto industry.
Itay Michaeli, auto analyst at Citi, says May should be a "pretty good month" for truck sales which should benefit Detroit makers and says there is "so much pent up demand left".
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
Emergency Financial Manager in a report issued on Monday presented a review of Detroit's problems, from gaping budget deficits to a crushing debt load and said the city is insolvent.