Detroit bankruptcy

In Detroit bankruptcy trial, union says city had pensions in sight

A trial on Detroit`s eligibility for bankruptcy protection kicked off on Wednesday with opponents claiming the city tried to bypass restrictions on cutting workers` pensions, as experts in municipal bankruptcy around the country watched closely in a case that could set important precedents.

Oct 24, 2013, 12:24 PM IST

In Detroit bankruptcy trial, union says city had pensions in sight

At issue is whether Detroit, which in July filed the largest municipal bankruptcy in U.S. history, negotiated in good faith before it sought protection from its creditors.

Oct 24, 2013, 09:25 AM IST

NYC may go bankrupt just like Detroit, Mayor Bloomberg warns

Bloomberg said that like Detroit, New York City was once one of the manufacturing centers in the United States, however, as large-scale manufacturing companies slowly moved out of large cities across the country, New York began to diversify its industries rather than depending on a single one.

Aug 07, 2013, 18:15 PM IST

Detroit bankruptcy raises red flags in other US cities

Even as a federal judge set a hearing on a challenge to a bankruptcy filing by Detroit, America's famed automotive city, questions are being raised about the fate of several other debt-crushed major US cities.

Jul 23, 2013, 17:38 PM IST

Bankrupt Detroit's downtown renaissance creates trickle of hope

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.

Jul 23, 2013, 09:34 AM IST

Detroit bankruptcy challenged in court

Detroit`s bankruptcy was challenged in court by government workers fighting to protect their retirement benefits as Michigan`s governor insisted it is the only way for Motown to survive.

Jul 20, 2013, 11:58 AM IST