Detroit defaults on more than $600M of 'unsecured' GO bonds


Detroit defaulted today 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.