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Six weeks into his work as Detroit's emergency manager, former bankruptcy lawyer Kevyn Orr has found the city's finances in worse shape than expected, with long-term debt at $15 billion, $2 billion worse than figures disclosed before he took the job.The city has set aside far less than expected for retiree healthcare benefits, too. A report from Michigan State University in March stated that Detroit has $4.9 billion of unfunded benefit liabilities. But Orr's review has found the shortfall actually is $5.7 billion, 16 percent higher than expected, according to Orr's spokesman, Bill Nowling.Orr will address the city's finances Monday when he delivers a report to the state. He is expected to report on Detroit's projected budget deficit and pension underfunding, too, but Nowling would not discuss details of those items.Orr, who previously worked on the restructuring of U.S. automaker Chrysler LLC, has sweeping powers as emergency manager to deal with a city where the population of 700,000 ...
FBN's Diane Macedo breaks down business news.
Michigan State Senator Rick Jones on fixing Detroit's fiscal problems.
WILMINGTON, Delaware (Reuters) - If the city of Detroit were a company, it would be a prime candidate to file for bankruptcy, using court protection to cut debt, str...
Gasoline prices have risen more than 13% during the past month, and the chance that the average price per gallon nationwide could reach $4.00 has become a real threa...
Former NLRB Chair Peter Schaumber on Michigan ’s efforts to promote its right to work status to attract businesses.
At the Detroit Auto Show earlier this month, luxury was in the air. Pricey new Bentleys and Maseratis glittered - including a Maserati 2014 Quattroporte with a $132,...
Michigan Gov. Rick Snyder on Tuesday vetoed a bill that would have permitted people to carry concealed weapons in public areas including hospitals, schools and dayca...
LANSING, Michigan (Reuters) - As a trained aerospace engineer, Patrick Colbeck applied his penchant for data analysis and "systematic approach" to his new job in ear...
Mackinac Center Director of Labor Policy Vincent Vernuccio and Labor Notes Director Mark Brenner on how Michigan ’s right-to-work bills will impact the future for unions across the country.
Gov . Rick Snyder , (R-Mich.), on the state’s right-to-work bill.
FBN’s Adam Shapiro on the Michigan Legislature voting in favor of two right-to-work bills.
State Sen. Patrick Colbeck, (R-Mich.), on efforts to boost job growth in the state.
In the past two decades, a group of specialized hedge funds have transformed corporate bankruptcies, injecting much-needed capital while at the same time drawing fir...
U.S. automakers joined other Michigan businesses on Monday in donating $8 million for new ambulances and police cars to Detroit as state-appointed emergency manager ...
Louisiana is No. 1 -- but not in a desirable way. It has the highest average car insurance rates in the nation, followed by Michigan and Georgia, according to Insur...
Michigan Governor Rick Snyder is expected to announce on Thursday an emergency state takeover of Detroit, putting a lawyer with extensive experience managing corpora...
A bankruptcy expert who collected more than $1 million in fees in Chrysler's restructuring is the top candidate to take over Detroit as emergency financial manager.K...
FBN’s Shibani Joshi on Space-X’s unmanned rocket bringing supplies to the international space station.
FBN’s Shibani Joshi on efforts to tackle Detroit’s growing budget deficit.
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