City on the Brink: Detroit Fights to Avoid Bankruptcy
Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
We expect default to be a virtual certainty," S&P said in a statement accompanying its downgrade to "CC" from "CCC-negative."
A trustee for the bond issue will have to certify that Detroit failed to make the payment on Friday, which would trigger a formal default.
Another Shining Moment , but they all got free phones on your dime.
Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
We expect default to be a virtual certainty," S&P said in a statement accompanying its downgrade to "CC" from "CCC-negative."
A trustee for the bond issue will have to certify that Detroit failed to make the payment on Friday, which would trigger a formal default.
Another Shining Moment , but they all got free phones on your dime.