Without court protection, Detroit  may be forced to defend a wave of lawsuits in multiple courts over the gap between the city’s revenue and the amount it owes. Photograph: Stephen McGee/The New York Times

Detroit officials will learn today whether Michigan’s largest city can stay in bankruptcy, allowing a federal judge to referee all of its battles with(...)

Penney shares were up 7 per cent to $9.32 in afternoon trading.

JC Penney Co said November sales were encouraging and popular house brands were lifting gross profit margin, suggesting the struggling department stor(...)

Planet Business

Image of the week: Detroit devilThe posters depict Michigan governor Rick Snyder, with some Halloween-style alterations, during a protest against the (...)

Benny Napoleon (left) the sheriff of Wayne County, is a leading contender for the mayor’s post in Detroit. Photograph: New York Times

There are 16 candidates vying for a job that is difficult to imagine anyone wanting: mayor of Detroit. The city’s finances are in the hands of a bankr(...)

Graffiti is seen painted on the roof of a vacant home in a once vibrant neighbourhood near downtown Detroit. Investors dumped Detroit’s municipal bonds a day after the city’s historic bankruptcy filing even as a ruling in state court raised questions about whether the bankruptcy will stand up to court review. Photograph: Rebecca Cook/Reuters

Michigan governor Rick Snyder defended his decision to force Detroit into bankruptcy as a necessary step to halt its decades-long decline and resolve (...)

Detroit’s Emergency Financial Manager Kevyn Orr talks to members of the media outside the Detroit Newspapers building in Detroit, Michigan in this file photo. Photograph: Rebecca Cook /Reuters

The city of Detroit filed for bankruptcy today, making it the largest-ever municipal bankruptcy in US history and marking a new low for a city that wa(...)

A view of downtown Detroit from the Detroit River early in the morning the day after the city filed for bankruptcy yesterday.

The main question raised by Detroit’s bankruptcy filing late on Thursday was how the 18th-largest city in one of the world’s wealthiest countries coul(...)

A bill currently being debated by the US Senate would compel internet sellers making over $1 million a year to pay a sales tax for every(...)

Kevyn Orr addresses the media, as Detroit Mayor Dave Bing (l) listens, after Michigan Governor Rick Snyder (r) announced Mr Orr as emergency financial manager for the city of Detroit. Photograph: Rebecca Cook/Reuters

A veteran lawyer who once worked on Chrysler's bankruptcy has been handed what may prove to be his toughest case yet: to bring Detroit back fro(...)