A federal bankruptcy judge on Tuesday ruled that Detroit could move ahead with the largest municipal bankruptcy in U.S. history, providing the city with protection from its creditors and allowing Detroit to begin preparing a plan for restructuring an estimated $18 billion in debts.U.S. Bankruptcy Judge Steven Rhodes issued his ruling after hearing about 10 days of testimony spread out over several weeks."This opportunity gives us a chance to move forward," Detroit Mayor Dave Bing said at a press conference following the ruling.Michigan officials, led by Detroit's state-appointed emergency manager Kevyn Orr and Governor Rick Snyder, have argued that bankruptcy protection is needed in order to stabilize the city's finances while a restructuring plan is developed.Orr has said providing funding for maintaining essential city services – public safety and infrastructure maintenance -- is his top priority. Paying off creditors comes next. According to some reports, about 40% of the city's str...
Detroit is $18.5 billion in debt and the city's unemployment rate has tripled since 2000.
Motor City out of gas
Governor Rick Snyder , (R-Mich.), weighs in on Detroit's financial problems.
FBN's Lauren Simonetti reports from New York
Detroit filed the largest municipal bankruptcy in U.S. history on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in t...
FBN's Diane Macedo breaks down early-morning business news.
Bret Baier gives you a sneak peek of the next show
Gov . Rick Snyder , (R-Mich.), on Detroit filing for chapter 9 bankruptcy.
City's long-term debt estimated at $18.5 billion
Michigan governor on 'Special Report'
Detroit filed the largest-ever municipal bankruptcy in U.S. history on Thursday, marking a new low for a city that was the cradle of the U.S. automotive industry and...
The largest-ever municipal bankruptcy petition in U.S. history faces a watershed moment on Tuesday, as the judge overseeing Detroit's bankruptcy case is scheduled to...
Michigan Gov . Rick Snyder weighs in
The federal judge presiding over Detroit's municipal bankruptcy ordered the mediator in the case to handle negotiations of collective bargaining agreements with the ...
Rich Lowry on how news outlets have analyzed the city's future
Exclusive: Michigan officials overseeing Detroit's historic bankruptcy filing are discussing the possibility of selling off large pieces of land as one way to stem t...
White House keeps a close watch on the struggling city