I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
Reuters is reporting that there has been a breakthrough in the negotiations between Chrysler, the Treasury Department and the banks and investment funds that financed the purchase of the automaker by private equity firm Cerberus. They’re citing anonymous sources as saying that an agreement has been reached on restructuring that debt:
The U.S. Treasury has reached an agreement in principle with Chrysler LLC’s first-lien lenders that may help the troubled automaker avoid bankruptcy, two people briefed on the discussions said on Tuesday.
The terms of the high-stakes debt restructuring deal were not immediately available, and representatives of Chrysler, the lenders and the Treasury could not be immediately reached for comment.
Chrysler’s lenders, owed $6.9 billion in secured loans, have agreed to write down the debt to $2 billion, the Washington Post reported earlier on Tuesday.
The government had been demanding a write down to $1.5 billion, while the lenders wanted $3.75 billion. The other sticking point was how much equity in the company would be exchanged for this reduction in debt, with the company offering 5% and the lenders demanding 40%. It is not yet known what the final agreement specifies.
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