Bankruptcy

1:12pm

Sun July 21, 2013
The Two-Way

Michigan Governor Doesn't Want Bailout For Detroit

Michigan Gov. Rick Snyder (left) and Detroit's emergency manager Kevyn Orr address Detroit's bankruptcy filing at a news conference on Friday.
Bill Pugliano Getty Images

Michigan Gov. Rick Snyder says he's not expecting the federal government to offer a bailout for bankrupt Detroit and doesn't think it would be a good idea anyway.

Speaking on CBS' Face the Nation on Sunday, Snyder said of a Washington bailout of the Motor City: "I don't expect one."

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3:29am

Sat July 20, 2013
Business

Detroit Businesses See Opportunity In Bankruptcy

Originally published on Sat July 20, 2013 2:48 pm

The Detroit skyline gleams from Grand River Ave., a major thoroughfare into some of the city's blighted neighborhoods.
Carlos Osorio AP

Few Detroiters think the largest municipal bankruptcy in U.S. history is great news.

But plenty see it as an opportunity. Many Detroit business owners hope the bankruptcy will mean more stability and certainty, in a city that has had little of either in recent years.

Sandy Baruah, head of the Detroit Regional Chamber, says the bankruptcy filing did not come as a surprise to him, nor should it surprise anybody else.

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2:53pm

Fri July 19, 2013
The Two-Way

Michigan AG Appeals Court Order Blocking Detroit Bankruptcy

Originally published on Fri July 19, 2013 2:57 pm

State-appointed emergency manager Kevyn Orr (right) and Michigan Gov. Rick Snyder, at a Friday news conference in Detroit.
Carlos Osorio AP

A circuit court judge has ruled that Detroit's bankruptcy filing violates the state's constitution and laws, and must be withdrawn; Michigan's attorney general has already appealed the decision.

Judge Rosemarie Aquilina made the ruling on Friday, a day after the city became the largest municipality in history to declare bankruptcy under federal Chapter 9 rules.

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5:13am

Fri July 19, 2013
The Two-Way

Now That Detroit's Filed For Bankruptcy, What Happens Next?

Originally published on Fri July 19, 2013 10:59 am

A portion of downtown Detroit along the Detroit river.
Bill Pugliano Getty Images

With its bankruptcy filing Thursday, Detroit became the largest municipality in the United States to seek Chapter 9 protection.

As Scott reported, the city is saddled with $18.5 billion in debt.

Today, we ask, what happens next?

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2:41am

Fri July 19, 2013
U.S.

Pa. City Tries Wild West Auction To Rope In Cash

Originally published on Fri July 19, 2013 4:43 am

A Harrisburg Wild West artifact sits inside of a warehouse building owned by the city, seen here in 2011.
Craig Layne WITF

Leaders in Harrisburg, Pa., hope the legends of the Wild West will ride to the rescue of the cash-strapped state capital. Thanks to a former mayor's eccentric, failed museum project, the city has an extensive collection of Wild West artifacts — some said to have ties to people like Wyatt Earp, Doc Holliday and Buffalo Bill.

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