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Bill Pugliano, Getty Images
Bill Pugliano, Getty Images
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Read Governor Snyder’s Statement on Detroit Being Ruled Eligible for Bankruptcy

Gov. Rick Snyder today offered the following statement on U.S. Bankruptcy Judge Steven Rhodes’ determination that Detroit is eligible to proceed with bankruptcy proceedings under Chapter 9:

 
“Today, the federal court allowed Detroit to stay on the path toward a brighter future.  A future where streetli

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Spencer Platt, Getty Images
Spencer Platt, Getty Images
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Judge Rules Detroit Eligible for Chapter 9 Bankruptcy

The City of Detroit has been ruled eligible for Chapter 9 bankruptcy today, making it the largest U.S. city ever to become so.

In a ruling from U.S. Bankruptcy Judge Steven Rhodes, it was declared that the city met the specific legal criteria required to receive protection from creditors

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courtesy City of Flint
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Flint EM Michael Brown Talks Public Safety, Bankruptcy and More with WFNT [Audio]

Flint Emergency Manager Mike Brown spoke with WFNT's Jason Cooper on Thursday.

In the conversation, Brown addressed why unlike Detroit, bankruptcy is not a viable option for Flint. He also addressed the criticism that the city wasn't properly using funds received from last November's public safety millage to hire more police officers, new business in downtown Flint, and more

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AG Schuette Joins Detroit Bankruptcy Case to Defend Pensioners

On Monday, Michigan Attorney General  Bill Schuette filed a formal appearance with U.S. Bankruptcy Court of behalf of Southeast Michigan pensioners who may be at risk of losing their benefits.

In a statement, Schuette said "hardworking people, like cops and firefighters who put their own lives on the line, struggle on a fixed income, and now could face a financial crisis through no fault of their own

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City of Detroit
City of Detroit
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See Emergency Manager Request for Detroit Bankruptcy, Governor’s Response

Here is Detroit Emergency Manager Kevin Orr's recommendation and request to file Chapter 9 bankruptcy for the City of Detroit:

Detroit EM Kevyn Orr Chapter 9 Reccomendation

Along with Governor Snyder's respon

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Watch Governor Snyder’s Statement on Detroit Bankruptcy Filing

Michigan Governor Rick Snyder announces that he has authorized Detroit's emergency manager to see federal bankruptcy protection for the City of Detroit.

Justin Sullivan, Getty Images
Justin Sullivan, Getty Images
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California City Will Be the Largest to Ever Declare Bankruptcy

California has certainly had its share of financial woes, and now the city of Stockton, about 80 miles east of San Francisco, is set to become the largest American municipality to declare bankruptcy.

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Joe Raedle, Getty Images
Joe Raedle, Getty Images
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Many Americans Expected to Be Too Broke to File for Bankruptcy — Dollars and Sense

Some major companies and corporations such as MF Global and AMR, the parent company of American Airlines, have filed for bankruptcy.

In the process, they may have, directly or not, caused some people to go bankrupt.

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Kevork Djansezian, Getty Images
Kevork Djansezian, Getty Images
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Kodak Files for Chapter 11 Bankruptcy Protection — Dollars and Sense

If you want to capture a Kodak moment, you may need to be in bankruptcy court to do it these days — the iconic photography company filed for Chapter 11 protection on Wednesday.

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Category: Business, Money Tags: ,
lcm1863, Flickr
lcm1863, Flickr
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Restaurant Chain Friendly’s Files for Chapter 11 Bankruptcy

Citing the economic downtown and rising food costs, the parent of the Friendly’s restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday and closed 63 underperforming stores.

The 76-year-old franchise, based in Wilbraham, Massachusetts and known for its ice cream and hamburgers, will continue to operate more than 400 restaurants as it restructures.

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Category: Business, Food Tags: ,

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