Economics News continually updated from thousands of sources around the net.
11 min ago | Detroit Free Press
New York-based investment bank Miller Buckfire is expected to collect a fee of $28 million if the city of Detroit is able to restructure its debt in bankruptcy, according to an internal city document obtained by the Free Press.
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4 hrs ago | Myrtle Beach Online
The New York company said it is in talks with "various interested parties" and could restructure its business days after closing its stores.
8 hrs ago | JD Journal
Liquidating trustee of Dewey & LeBoeuf , Alan Jacobs, is arguing that his clawback lawsuit against two former law firm heads should not be stayed as they face criminal charges, according to The New York Law Journal.
12 hrs ago | Lancaster and MoreCambe Citizen
Young women are more likely to find themselves falling into personal insolvency than men of the same age, official statistics show.
17 hrs ago | The New Zealand Herald
Technology-savvy Kiwis can now pay their Slingshot broadband bills with Bitcoins after the internet service provider said it would begin accepting the digital currency as a form of payment.
Backers of the virtual currency bitcoin are beefing up their Washington presence as they seek to shape government oversight of the fledgling payment system.
The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments.
Cuts approved by the City Council have led to protests from city workers, including police and fire staff, who say they cannot afford the changes and feel betrayed by a city they have served and protected.
Treasures in the Detroit Institute of Arts eyed for sale by some creditors in the city's historic bankruptcy could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation, according to a new report.
A bankruptcy judge overseeing the liquidation of Brennan's Inc. on Wednesday approved the sale of the former restaurant's trade name and other assets - including recipes - to an investment group that includes prominent New Orleans restaurateur Ralph Brennan.
Brady Williams, who is the star of "My Five Wives," has filed for bankruptcy and claims he is broke.
Greece says it will issue a three-year bond following its successful bid to tap debt markets in April after a four-year absence.
Bolstered by a $6.6 million state grant, TLC Health System hopes to keep its Irving hospital open until at least next spring.
The judge in Stockton, California's bankruptcy on Tuesday ruled that the city has collateral worth $4 million with which it could pay holdout creditor Franklin Templeton, dismissing the city's contention its collateral was worthless.
Mt. Gox CEO Mark Karpeles bows in ritual apology on Japanese TV while at a press conference on Feb. 28, when the bitcoin exchange filed for bankruptcy protection at the Tokyo District Court.
Detroit emergency manager Kevynn Orr takes questions from reporters after a speech he gave on May 30, 2014.
As Detroit works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign that the spate of municipal defaults may not have ended.
Updated: Thu Jul 10, 2014 10:05 pm
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