Bernie's Feed
Jul 23, 2013

Detroit bankruptcy case heads to Wednesday hearing on challenges

DETROIT (Reuters) – Labor unions trying to stop Detroit from cutting pensions filed a new challenge to the city in bankruptcy court as the federal judge overseeing the case said he would hear arguments on Wednesday.

U.S. Bankruptcy Court Judge Steven Rhodes agreed on Monday to a request by Detroit Emergency Manager Kevyn Orr to fast track a hearing on whether other courts can hear lawsuits against Detroit, while it seeks federal bankruptcy court protection.

Jul 22, 2013

Federal judge sets first hearing in Detroit bankruptcy case

DETROIT (Reuters) – A federal court judge on Monday set the first hearing in Detroit’s bankruptcy case for Wednesday to take up the city’s request to put state lawsuits challenging the bankruptcy filing on hold.

U.S. Bankruptcy Court Judge Steven Rhodes agreed to the expedited hearing requested by Detroit’s emergency manager Kevyn Orr on Friday in the wake of a Michigan court judge’s order for Orr to withdraw Thursday’s Chapter 9 filing on state constitutional grounds.

Jul 22, 2013

Legal wrangling shadows Detroit bankruptcy filing

, July 22 (Reuters) – The tug of war over
whether Detroit legally could file for municipal bankruptcy
continues this week as the city seeks an initial hearing in U.S.
federal court to put on hold challenges to the filing in
Michigan court.

Concerned that retirement benefits will be slashed, Detroit
retirees, workers and pension funds have been running to state
court in Michigan’s capital of Lansing in an effort to derail
the biggest Chapter 9 municipal bankruptcy in U.S. history.

Jul 18, 2013

Detroit may file for bankruptcy as early as Friday: report

DETROIT (Reuters) – The city of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, the Detroit Free Press reported on Thursday, citing several unnamed sources.

Bankruptcy lawyers and restructuring experts who are following Detroit’s financial struggles say the city’s hand may be forced by lawsuits filed in state court by municipal employees, retirees and pension funds that challenge its right to file for bankruptcy.

Jul 3, 2013

Chrysler recalls 840,000 vehicles, mostly in U.S.

DETROIT (Reuters) – Chrysler Group LLC (FIA.MI: Quote, Profile, Research, Stock Buzz) said on Wednesday it will recall 840,000 vehicles in the United States and other countries, mostly for active-restraint head rests that are possibly flawed.

Five separate recalls include nearly 500,000 cars and SUVs for the active-restaint head rest issue, and another 282,000 minivans for possible malfunctioning air bags, Chrysler said.

Jul 2, 2013

Trucks lift U.S. auto sales to best month since 2007

DETROIT, July 2 (Reuters) – Sales of brawny pickup trucks
fueled strong demand for new vehicles in the United States in
June, driving the industry toward its strongest month since late
2007, before the financial crisis that drove General Motors Co
and Chrysler into bankruptcy.

GM and Ford Motor Co posted stronger-than-expected
sales on Tuesday, and Chrysler Group’s sales met analysts’
expectations as the improving U.S. housing market led to surging
demand for full-size pickups at all the U.S. automakers. Toyota
Motor Corp also reported surprisingly strong June U.S.
sales.

Jul 2, 2013

Demand for big pickup trucks fuels June U.S. auto sales

DETROIT, July 2 (Reuters) – Sales of big, brawny pickup
trucks fueled strong demand for new vehicles in the United
States in June, driving the industry toward its strongest month
since before the recession that drove General Motors Co
and Chrysler into bankruptcy.

GM and Ford Motor Co posted stronger-than-expected
sales, and Chrysler Group’s sales met analysts’ expectations as
the improving U.S. housing market led to surging demand for
full-size pickups at all the U.S. automakers. Toyota Motor Corp
also reported surprisingly strong U.S. sales.

Jun 28, 2013

Ford, Chrysler counter GM with new V6 pickups for 2014

DETROIT, June 28 (Reuters) – The battle in six-cylinder
pickups takes an interesting twist this fall with the launch of
the 2014 Ford F-150 Tremor and the 2014 Ram 1500 EcoDiesel.

Both trucks feature turbocharged V6 engines, but take
different approaches to reach different segments of the
full-size pickup audience.

Jun 27, 2013

Detroit faces exodus of police, firefighters

DETROIT (Reuters) – After years of pay cuts and reduction in their ranks, Detroit police officers and firefighters in the next week face a tough decision: Retire now or put their careers in the hands of Detroit emergency manager Kevyn Orr, who has the power to unilaterally cut their pay and benefits.

At least several dozen police officers and firefighters will retire early as they try to lock in benefits before Orr imposes new labor contracts, union officials told Reuters.

Jun 19, 2013

General Motors leads J.D. Power initial quality survey

DETROIT, June 19 (Reuters) – General Motors Co.
vehicles won eight awards in the annual J.D. Power & Associates
survey of initial quality, a marked improvement since the
largest American automaker turned itself around after a 2009
bankruptcy.

GM cars and trucks won eight top prizes as the best vehicles
in their segments of the U.S. auto market.