bankruptcy

3

State set to takeover Detroit city government

http://money.cnn.com

Michigan Gov. Rick Snyder announced Friday that the state will take over the operations of Detroit's city government due to its long-standing financial problems. The takeover is short of a formal bankruptcy, but it will include appointing an emergency manager who would have many of the same powers as a bankruptcy judge. It could mean throwing out contracts with public employee unions and vendors that the city can't afford, and could lead to further cutbacks in already depleted city services.

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Cyphase's picture
Created by Cyphase 1 year 28 weeks ago – Made popular 1 year 28 weeks ago
Category: Incompetence   Tags:
4

Reality check regarding Hostess bankruptcy

http://www.forbes.com

Hostess has been sold at least three times since the 1980s, racking up debt and shedding profitable assets along the way with each successive merger. The company filed for bankruptcy in 2004, and again in 2011. Little thought was given to the line of products, which, frankly, began to seem a bit dated in the age of the gourmet cupcake.

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phonon's picture
Created by phonon 1 year 43 weeks ago – Made popular 1 year 42 weeks ago
Category: Economics   Tags:
5

The U.S. Postal Service Nears Collapse

http://www.businessweek.com

With the rise of e-mail and the decline of letters, mail volume is falling at a staggering rate, and the postal service's survival plan isn't reassuring. Elsewhere in the world, postal services are grappling with the same dilemma — only most of them, in humbling contrast, are thriving.

Read more »
ZEUSLGN's picture
Created by ZEUSLGN 3 years 15 weeks ago – Made popular 3 years 15 weeks ago
Category: Incompetence   Tags:

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