Friday, Jul 29, 2016
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Economy

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.

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