Mackinac Island, MI – Mackinac Island, MI (MPRN) - Several of Michigan's gubernatorial candidates faced off for the first time on Mackinac Island last night.
Nearly all of the candidates said they would refuse to sign a pledge promising not to raise taxes. But Michigan Attorney General Mike Cox said he never supported tax hikes as attorney general and never would as governor.
Congressman Pete Hoekstra said Michigan is in too deep into a budget crisis to take any options for revenue off the table.
Lansing, MI – Lansing, MI - The Lansing Lugnuts earned a doubleheader split with the Burlington Bees with a 7-2 victory in the nightcap following a 4-2 loss in Game 1 last night. Tonight at 7:05 p.m. at Oldsmobile Park, the Lugnuts open up a three-game series with the Quad Cities River Bandits.
Detroit, MI – Detroit, MI (AP) - United Auto Workers President Ron Gettelfinger says General Motors Corp. has agreed to build subcompact cars in one of its existing U.S. factories and will not produce cars in China for sale here.
Gettelfinger said in a telephone interview with The Associated Press Thursday that the factory deal is part of a larger concession package with GM that union members are voting on this week.
Lansing, MI – Lansing, MI (MPRN) - The state Senate passed a package of bills yesterday designed to hand control of Cobo Hall to a regional authority, rather than the city of Detroit.
Senate Democrats voted against the package. The legislation would allow for nearly $300 million in tax revenue to be used to at another convention center in Southeast Michigan, if an agreement on how to renovate Cobo cannot be reached.
DETROIT – DETROIT (AP) - General Motors Corp. says a committee of bondholders has agreed to a sweetened deal to erase some of the automaker's debt in exchange for company stock.
The company said in a statement Thursday that it offered bondholders 10 percent of the company's stock with warrants to buy up to 15 percent if they agree to support selling the company's assets to a new company under bankruptcy court protection.
The company made the disclosure in a filing with the U.S. Securities and Exchange Commission.
VAN BUREN TOWNSHIP, MI – VAN BUREN TOWNSHIP, MI (AP) - Auto parts supplier Visteon says it -- along with some of its U.S. units -- has filed for Chapter 11 bankruptcy protection.
This comes as the company struggles with reduced demand from automakers amid plans for extended plant shutdowns this summer.
The company filed its petition in the U.S. Bankruptcy Court for the District of Delaware. The company's Visteon UK unit separately filed for bankruptcy protection last month and closed three British plants.