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.
GM and Chrysler are not the only auto companies in serious financial distress these days. Lear Corporation, a Southfield company that is the world’s second largest maker of automotive seats, has followed the example of those two automotive giants and filed for Chapter 11 bankruptcy.
The move was expected. Lear said July 1 it planned to file for Chapter 11 with a pre-arranged plan to restructure its debt load. The company’s plan has support from 68 percent of its secured lenders and about half of its bondholders, according to a Lear statement released today.
“We are conducting business as usual and are very pleased to have received strong support from our lender and bondholder groups for our debt restructuring plan,” CEO and Chairman Robert Rossiter said in a statement. “Our goal is to emerge from this process quickly and with an appropriate capital structure to support our long-term business objectives as a leading global competitor with the financial flexibility to build on our strengths and take advantage of future growth opportunities.”
Lear is the largest auto supplier to declare bankruptcy but they are hardly the first. Other major auto suppliers to go bankrupt this year include Visteon and Metaldyne. The bankruptcies of GM and Chrysler, by closing down factories for an extended period of time, have left dozens of auto suppliers on the verge of collapse.
Do you know where to vote on Election Day? Do you know what to bring with you? Get comprehensive voter information for your state here.
Sign up for our email newsletter