Detroit Is Doing Something That’s Never Been Tried Before

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 (Reuters) – Detroit’s default and debt restructuring plan are precedent-setting in the U.S. municipal market, Moody’s Investors Service said on Monday, because the city is looking to bondholders, as well as labor unions and pensioners, to share the pain.
The city on Friday defaulted on a $39.7 million payment …

(Reuters) – Detroit’s default and debt restructuring plan are precedent-setting in the U.S. municipal market, Moody’s Investors Service said on Monday, because the city is looking to bondholders, as well as labor unions and pensioners, to share the pain.
The city on Friday defaulted on a $39.7 million payment on certificates of participation and presented a plan to restructure its finances.

 

Read more http://www.huffingtonpost.com/2013/06/17/detroit-restructuring-default_n_3456105.html?utm_hp_ref=detroit

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