At the height of its industrial power, Detroit was an irrepressible engine of the American economy, offering well-paying jobs, a gateway to the middle class for generations of autoworkers and affordable vehicles that put the world on wheels.
In opting to become the nation's largest city to seek federal bankruptcy protection, Stockton took a rare financial step of last resort after struggling with the economic downturn, soaring pension costs and contractual obligations.
The state official in charge of figuring out how fix an enormous financial shortfall in Pennsylvania's capital city says the city could still end up in bankruptcy court if there's no agreement on a solution.
Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is filing for bankruptcy protection, blaming troubles with its pension and medical benefits obligations, increased competition and tough economic conditions.
The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
Having freshly signed a bill aimed at giving him unprecedented power to take control of the finances in Pennsylvania's capital, Gov. Tom Corbett expects to declare a fiscal emergency in Harrisburg soon.
Pennsylvania's distressed capital city filed for bankruptcy Wednesday, citing "imminent jeopardy" from lawsuits related to a debt-saddled municipal incinerator and setting up a power struggle between the mayor and City Council.
The parent of the Friendly's restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday and said that it has already closed 63 of its stores. Each store employed about 20 people, so about 1,260 jobs were lost.
A trustee for bankrupt retailers Movie Gallery and Hollywood Video reached an agreement Thursday with all 50 states over how the defunct company collects late fees and other charges from its former customers.