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Detroit defaults
06-17-2013, 03:57 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
(Reuters) - 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.

In a forceful opening salvo of negotiations with debt holders, Detroit Emergency Manager Kevyn Orr announced a moratorium on some principal and interest payments, including one payment he said was due on Friday.

Under his proposal, Orr said unsecured debt holders would be paid less than 10 cents on the dollar, but some creditors would get a bit more based on city revenue. Some $11.5 billion of the debt is unsecured and $7 billion secured, according to figures presented by Orr.


06-17-2013, 04:04 PM #2
Octo Mother Superior
Posts:43,880 Threads:1,505 Joined:Feb 2011
I see... coffeetime.gif Can't say I'm surprised.
06-17-2013, 04:09 PM #3
yankees skier
Posts:5,889 Threads:215 Joined:Feb 2011

06-17-2013, 04:13 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:32,018 Threads:1,457 Joined:Feb 2011
Housing there is unreal - so cheap it's outrageous. Like Romania. chuckle.gif

06-17-2013, 04:17 PM #5
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Not hard to figure out who gets 10 cents on the dollar and who gets a better repayment. Banks are sooo eager to lend.

This is unbelievable. Last Feb I switched home insurers because... well the insurer I had wrote themselves so many loop holes in the contract I'd never get a penny if something happened. So I switch to a new insurer, the old insurer kept debiting my account until May. I'd assumed the account was dormant and there was no money in there. So I call the bank to sort it out, they charged me $45 for each time the insurer tried to withdraw the premiums on a cancelled policy, NSF and all. So the guy on the phone says "you appear to have a cash flow problem, would you like a line of credit?"

wtf2.gif lmao.gif

Cities are no different than individuals, the agenda is to get them into as much debt as possible.



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