Kevyn Orr

Detroit's emergency manager Kevyn Orr went over a deal to clear away some of its debt with its creditors, including reducing payments by over 24 percent, on CNBC's Squawk on the Street Wednesday. “We've been saying for some time that we're trying to reach deals with our creditors, specifically...

Detroit city attorneys filed a plan of adjustment with the bankruptcy court today to deal with the city's $18 billion in secured and unsecured debt. The plan proposes investing roughly $1.5 billion over the next 10 years to city services, including police and fire services, garbage removal and...

Quicken Loans founder and chairman Dan Gilbert wants to bring life back into Detroit through community and entrepreneurship. Gilbert talked about this and the city's reorganization efforts on Wednesday morning's Squawk Box on CNBC.  "Bankruptcy is really, it's a painful process, but once we get...

Detroit is not the only place affected by its current bankruptcy filings. According to The Detroit News, several European banks are on pace to lose millions of dollars Banks in Germany, Belgium and Luxembourg are among those that purchased the city of Detroit's debt. The institutions are now...

It's Official: Detroit Is, as Michigan Governor Rick Snyder Put it bluntly, "broke." In a filing in bankruptcy court Thursday, Detroit became the largest U.S. city ever to file for bankruptcy. No Other Solution Michigan's largest yet shrinking city joins the likes of Jefferson County, Alabama...