Friday, June 14 2013 10:25 PM EDT2013-06-15 02:25:13 GMT
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
Friday, May 24 2013 12:07 PM EDT2013-05-24 16:07:12 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Thursday, March 28 2013 11:56 AM EDT2013-03-28 15:56:34 GMT
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Tuesday, March 26 2013 11:22 PM EDT2013-03-27 03:22:01 GMT
On the day Kevyn Orr takes over the management of the city, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
On the day Kevyn Orr takes over the management of the city, effectively removing Mayor Dave Bing and the Detroit City Council from power, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
Monday, March 25 2013 11:14 PM EDT2013-03-26 03:14:42 GMT
As Detroit's new EFM takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
As Detroit's new emergency financial manager takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
Monday, March 25 2013 9:18 PM EDT2013-03-26 01:18:49 GMT
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Monday, March 25 2013 7:23 PM EDT2013-03-25 23:23:58 GMT
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Monday, March 25 2013 12:56 PM EDT2013-03-25 16:56:46 GMT
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager).
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager). Despite the snow and chilly temperatures, the protest was strong for more than half an hour.
DETROIT (WJBK) -
A bankruptcy expert who represented automaker Chrysler LLC during its successful restructuring has been chosen to steer Detroit out of its financial abyss. The distressed city, which was once one of the nation's most prosperous manufacturing centers, is now the largest U.S. city to have its finances placed under state control.
Gov. Rick Snyder announced Thursday that he had chosen Kevyn Orr, a partner in the law and restructuring Jones Day firm, as Detroit's emergency manager. He officially will be hired by Michigan's Emergency Loan Board, which had scheduled a meeting for 3 p.m. EDT Thursday.
During a news conference Thursday, Orr called Detroit a "storied American city."
"We can rise from the ashes," Orr said. "This is a beautiful city and a wonderful state that gave me my start. I feel compelled to do this job."
So who is Kevyn Orr?
According to his bio page on the Jones Day law firm web site, Orr has "practiced in the areas of business restructuring, financial institution regulation, and commercial litigation since 1984."
Orr has strong ties to the state. The 54-year-old is a University of Michigan law graduate (1983) and represented Chrysler LLC during its bankruptcy proceedings in 2009.
Orr is a member of the bars in Florida and the District of Columbia. He also serves on the advisory board at the American Bankruptcy Institute.
FOX 2 political analyst Tim Skubick says Snyder recently met with Orr in Washington at the National Governors Association's winter meeting.
Orr would at first hold the formal title of emergency financial manager for Detroit. On March 28, a new emergency manager law (Public Act 436) passed in December will go into effect, giving Orr and other emergency managers across Michigan the power to cancel and change contracts as well as sell off assets with the permission of the governor and state treasurer.
Stay with FOX 2 and myFOXDetroit.com for continuing coverage.
Monday, June 17 2013 9:27 PM EDT2013-06-18 01:27:07 GMT
The jury in the manslaughter trial of Detroit officer Joseph Weekley did not reach a verdict on Monday. The jury has now deliberated for two full days.
The jury in the manslaughter trial of Detroit officer Joseph Weekley did not reach a verdict on Monday. The jury has now deliberated for two full days.
Monday, June 17 2013 11:31 PM EDT2013-06-18 03:31:06 GMT
Detroit Emergency Manager Kevyn Orr is working on improving city services, including the streetlights. More than 40 percent of them do not work, but the Detroit Public Lighting Authority is now beginning its work.
As Kevyn Orr tries to solve Detroit's financial crisis, he is also working on improving city services, including the streetlights. More than 40 percent of them do not work, but the Detroit Public Lighting Authority is now beginning its work.
Monday, June 17 2013 10:43 PM EDT2013-06-18 02:43:12 GMT
He is a Detroit lawmaker serving his second term in the state House, but he may be spending a little too much time at his own house. M.L. Elrick puts state Rep. John Olumba's attendance record under the microscope.
He is a Detroit lawmaker serving his second term in the state House, but he may be spending a little too much time at his own house. M.L. Elrick puts state Rep. John Olumba's attendance record under the microscope.
Monday, June 17 2013 10:36 PM EDT2013-06-18 02:36:35 GMT
The FBI and local police have teamed up hoping to solve a 38-year-old murder mystery. They are searching an Oakland Township field looking for Jimmy Hoffa.
The FBI and local police have teamed up hoping to solve a 38-year-old murder mystery. They are searching an Oakland Township field looking for Jimmy Hoffa.
Monday, June 17 2013 6:45 PM EDT2013-06-17 22:45:07 GMT
In a surprising move, Tucker Cipriano pled no contest to murder in the beating death of his father. Cipriano made the plea just days before members of his own family were set to testify against him.
In a surprising move, Tucker Cipriano pled no contest to murder in the beating death of his father. Cipriano made the plea just days before members of his own family were set to testify against him.
Monday, June 17 2013 5:55 PM EDT2013-06-17 21:55:56 GMT
A new search for the remains of Jimmy Hoffa is underway in northern Oakland County. Armed with a search warrant, the FBI moved in Monday morning and started digging in Oakland Township.
A new search for the remains of Jimmy Hoffa is underway in northern Oakland County. Armed with a search warrant, the FBI moved in Monday morning and started digging in Oakland Township.
Monday, June 17 2013 4:56 PM EDT2013-06-17 20:56:42 GMT
General Motors is recalling more than 193,652 SUVs from the 2006 and 2007 model years because a circuit board in the driver's door could short and cause a fire.
General Motors is recalling more than 193,652 SUVs from the 2006 and 2007 model years because a circuit board in the driver's door could short and cause a fire.
Kevyn Orr
