Here’s the City of Detroit’s filing to become the largest ever US city bankruptcy, filed late Thursday (seemingly timed to trigger a stay on imminent lawsuits by creditors). Beyond the list of derelict buildings and brownfield sites owned by the city — you’ll want to read the approval letter by Michigan Governor Rick Snyder, in Exhibit A. Read more
FT Alphaville noted a couple of weeks ago how backlogs at London Metal Exchange (LME) warehouses in Detroit were seeing some market participants have to wait up to 10 months to receive their aluminium.
We also noted that an independent study into the LME’s warehousing network had recommended upping load-out rates, to try and deal with some of these issues. Read more
For the commute home, where your wealth funds are always sovereign,
– A quick who’s who in Yemen. Read more
Sergio Marchionne, chief executive of Fiat and Chrysler, has been forced on the defensive after causing a political firestorm in Italy by suggesting he could move the Italian company’s headquarters from Turin to the US and saying Chrysler’s bail-out loans from the US government carried “shyster rates,” the FT reports. AFP says that “faced with an outcry” Italy’s Labour Ministry on Saturday published a statement showing the Fiat chief backing away from his previous remarks.