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Tag Archives: Detroit

Detroit to Creditors: We’ll Give You 10 Cents on the Dollar

June 14, 2013 Business & Finance, Featured Comments Off on Detroit to Creditors: We’ll Give You 10 Cents on the Dollar

The state-appointed emergency manager for the city of Detroit, Kevyn Orr, tasked with managing the city’s debt windfall alongside of a team of experts, has arrived at the conclusion for eradicating Detroit’s debt. The city recently stated that it was defaulting on more than $2.5 billion in debt, but made …

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As Budget Cuts Take Effect: Detroit Declares Fiscal Emergency

March 1, 2013 Business & Finance, Featured Comments Off on As Budget Cuts Take Effect: Detroit Declares Fiscal Emergency

Michigan Governor Rick Snyder today declared what was ultimately the inevitable: Detroit is in a state of fiscal emergency due to the sweeping federal budget cuts that took effect after congress and the White House failed to amend them before today’s deadline. It set the stage for what could potentially …

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