Tags: Detroit | Default | Unsecured | Bonds

Detroit Defaults Again on Unsecured Bonds

Wednesday, 02 Oct 2013 06:00 PM

Detroit on Tuesday defaulted on more than $600 million of general obligation bonds deemed unsecured by the city's emergency manager, a city spokesman said.

The move marked the second bond default by cash-strapped Detroit after Kevyn Orr, the former corporate bankruptcy attorney who has been running the city since March, announced on June 14 a moratorium on unsecured debt payments.

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Detroit on Tuesday defaulted on more than $600 million of general obligation bonds deemed unsecured by the city's emergency manager, a city spokesman said.
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2013-00-02
Wednesday, 02 Oct 2013 06:00 PM
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