On July 18, Detroit became the biggest city to file for bankruptcy in US history. It owes about 100,000 creditors between US$18 and US$20 billion.
Detroit’s emergency manager is considering ending its health insurance coverage for city retirees under age 65 and giving them a modest stipend to purchase insurance from the health exchanges being established under Obamacare, according to a lawyer who represents two assoFriday, 13 September, 2013, 11:17am
Detroit, which made the largest Chapter 9 municipal bankruptcy filing in US history, on Thursday filed a request for proposals for US$350 million in unprecedented financing, the city emergency manager’s office said.
Detroit is the first large US city to seek so-called debtor-in-possession (DIP) financing after asking for bankruptcy court protection.30 Aug 2013 - 12:31pm
Christie’s said it has been hired by Detroit to appraise part of the Detroit Institute of Arts’ collection as the city looks for ways to pay at least US$18 billion in debt and unfunded liabilities after applying for bankruptcy protection in July.
Christie’s said in a statement that it would advise the city on how to realise value for the art without selling it.6 Aug 2013 - 11:07am
For nearly six decades Detroit’s story has been one of relentless erosion of its once mighty manufacturing base, but even as the Motor City faces a long bankruptcy a clutch of small producers has moved in to rekindle the “Made in Detroit” brand.2 Aug 2013 - 2:40pm
Meetings without the chance for any back and forth, unreturned phone calls and brusque tactics. To opponents of Detroit’s bankruptcy filing, emergency manager Kevyn Orr has utterly failed to negotiate with them.26 Jul 2013 - 2:52pm
Detroit’s bankruptcy filing last Thursday - the largest in American municipal history - completed a six-decade slide for a one-time industrial powerhouse. Today the city bears an uncomfortable resemblance to a failed state: unable to light or police the streets, educate children, stop arson, or provide emergency care to the dying.23 Jul 2013 - 11:17am
A federal court judge has set the first hearing in Detroit’s bankruptcy case for Wednesday to take up the city emergency manager’s request to put state lawsuits challenging the bankruptcy filing on hold.23 Jul 2013 - 11:08am
With more than US$18 billion at stake in Detroit’s restructuring, big law firms and other advisers are clamouring to represent the city’s many creditors - including some advisers not exactly known for municipal work.22 Jul 2013 - 10:46am
The solid red brick house on a block of similar homes in Northwest Detroit sounds like a steal at US$3,728 (HK$28,906).
But in many ways, it’s a lemon.4 Jul 2013 - 2:42pm
Two days after a Chinese real estate agency, whose location was not disclosed, advertised an investors' tour in Detroit, thousands of people have expressed interest, according to a report in the People's Daily. The same agency is advertising a tour to the US east coast in April, which costs 25,000 yuan and will take investors to Washington DC, Boston and New York City.21 Mar 2013 - 1:35am 3 comments
Britain's Queen Elizabeth is recovering after coming down with a stomach bug that forced the cancellation of a royal engagement. The 86-year-old monarch yesterday cancelled a visit to Swansea, Wales.3 Mar 2013 - 6:30am
That'll teach them6 Jan 2010 - 12:00am
You can tell a lot about a city by its property market - indeed, probably everything you need to know about it economically.
In today's Detroit, home of the struggling 'Big Three' automakers, property bargains can be had for just US$1 or US$50. You read that right - US$1, or HK$7.78.9 May 2009 - 12:00am
For the first time, Hong Kong will send a junior inline hockey team to this year's World Championships, which will be held near Detroit in the United States.
The tournament is sanctioned by the Federation International of Roller Sports and will be hosted by the Amateur Athletic Union, which organises the Junior Olympics for all sports in cities around the US every summer.29 May 2006 - 12:00am
Detroit: Police arrested a former navy man suspected of murdering three prostitutes in Detroit and who may have committed other killings in Hong Kong, Singapore, Thailand, Japan and Israel.
The 26-year-old suspect, reportedly named John Eric Armstrong, served aboard the USS Nimitz and could be involved in murders during shore leave around the world.14 Apr 2000 - 12:00am