On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
54° Feels Like: 54°
Wind: SSE 6 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Mostly Sunny 67°

Tonight

Showers Late 37°

Tomorrow

AM Showers/Wind 57°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

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

'Detroit' is seen on the top of an iron man-hole cover on a street in Detroit, Michigan July 27, 2013. REUTERS/ Rebecca Cook
'Detroit' is seen on the top of an iron man-hole cover on a street in Detroit, Michigan July 27, 2013. REUTERS/ Rebecca Cook

(Reuters) - Detroit on Tuesday defaulted 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.

(Reporting by Karen Pierog)

Comments