Kevyn Orr to creditors: Detroit halting bond payments for unsecured debt Detroit emergency manager Kevyn Orr told bondholders today he was beginning a moratorium on all debt service payments for unsecured debt -- a prelude to deep cuts that many of the city's creditors will have to take under Orr's plan for the city's recovery. The first missed payment was one due Friday. Unsecured bond holders include investors who bought the city's general obligation bonds backed ...
June 15, 2013 - Detroit Free Press
Detroit to default on unsecured bond debt: report NEW YORK (MarketWatch) -- The financially troubled city of Detroit will stop making payments on a portion of its unsecured bond debt Friday, according to a report in The Wall Street Journal. The report, citing the city's state-appointed emergency manager Kevyn Orr, comes as a group of the city's crucial creditors hear a restructuring proposal from the city. The proposal asked holders of $2.5 ...
June 14, 2013 - Market Watch
Detroit restructuring plan halts a debt payment NEW YORK (MarketWatch) -- The financially troubled city of Detroit will stop making payments on a portion of its unsecured bond debt Friday, according to a report in The Wall Street Journal. The report, citing the city's state-appointed emergency manager Kevyn Orr, comes as a group of the city's crucial creditors hear a restructuring proposal from the city. The proposal asked holders of $2.5 ...
June 14, 2013 - Market Watch