WBEZ 91.5 Chicago

Gary Mayor Rudy Clay announced Friday morning that he is suspending his re-election bid due to continued treatments for prostate cancer.“I owe it to my family, myself and the great people of Gary to suspend this campaign for another term as mayor,” Clay said at an emergency press conference at Gary

Creditors of the Chicago-based Tribune Company began battling it out in bankruptcy court in Delaware today. The bankruptcy judge will decide between two competing reorganization plans submitted by creditors.

Any major fixes to transportation may just have to wait given the financial situations facing Chicago and Illinois. Chicago is not alone - local governments across the country are struggling to make ends meet. Some administrations are even talking bankruptcy. But is bankruptcy a good option?