LANSING - Yet another new day of reckoning hit Michigan's economy on Thursday as Chrysler Corporation announced it would be forced to file for federal Chapter 11 bankruptcy protection as it was unable to reach agreement with bondholders on a negotiated arrangement. But officials said the bigger story was that the automotive manufacturer was now
LANSING - On a straight party line vote, the Senate decided on Thursday to delay any action on legislation that would end Michigan's civil immunity on prescription drugs until June 2, arguing the state needed to focus on fixing its budget before acting on the controversial issue. Senate Democrats failed last week to discharge HB
AUBURN HILLS - Chrysler announced Thursday that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a new company. The move will allow Chrysler and Fiat to fully optimize their respective
LANSING - The Michigan Homeland Security Consortium urges Michigan businesses to be aware of the May 1 deadline for complying with the Federal Trade Commission "Red Flag" rules for preventing identity theft and protecting critical data. Barry Cargill �?? Executive Director of the MIHSC announced that Consortium members are working together to create what he
LANSING ? Gov. Jennifer Granholm said Tuesday that she will issue an executive order to cut the state's 2008-09 budget on May 5, but an agreement on what would be cut and by how much has still yet been reached. Granholm met into the early evening at her Capitol office with legislative leaders and Budget
REDMOND, Wa. - Microsoft Corp. is in discussions with Verizon Wireless to launch a touch-screen multimedia cellphone on the carrier's network early next year, in a bid to compete with Apple Inc.'s iPhone, people familiar with the matter told The Wall Street Journal. Microsoft's project, which is code-named "Pink," is aiming to produce a phone
LANSING - While General Motor's warning that it would file for bankruptcy before June 1 if the U.S. government does not find its restructuring plan sufficient was one more reminder of the deadly serious stakes the state is playing for, officials have been working on a potential forecast on what the state's fiscal situation would
LANSING - Oakland County's strategy to deal with the rapid downsizing of the auto industry is a diversify and survive approach, county leaders told a Senate committee on Tuesday. County Executive L. Brooks Patterson and economic development chief Dennis Toffolo said key areas are medical facilities, emerging sectors, the film industry, alternative energy and communications.
DETROIT - General Motors Corp. outlined a revamped survival plan Monday that would trade the federal government majority ownership of the ailing automaker in exchange for another cash infusion of $11.6 billion. The plan includes an ambitious debt-swap offer that moves the auto maker closer to restructuring through the bankruptcy court, shedding bondholders, as well
DETROIT - The United Auto Workers union said Sunday night that a settlement agreement has been reached with Chrysler LLC, Fiat SpA and the U.S. Treasury Department, The Wall Street Journal Reported. The UAW called the deal a "concessionary agreement" that was painful, but meets the Obama administration's tough demands. The deal alters the agreement