Detroit liberal shill, trying to get his hand into your pocket!
- Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the "insolvent" city in order to avoid the largest municipal bankruptcy filing in U.S. history.
In a meeting with creditors, Detroit Emergency Manager Kevyn Orr announced a moratorium on principal and interest payments on the city's unsecured debt, and for the first time presented a detailed proposal calling on the holders of nearly $17 billion in Detroit debt to make substantial concessions.
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.
Orr said the city was "insolvent" and needed shared sacrifices from everyone, including debt holders, to have any hope of a revival.
He announced the moratorium on principal and interest payments, including skipping a $34 million payment on pension certificates of participation due on Friday, to allow the city to conserve cash needed to provide services to residents.
Why can't these thieving liberals ever pay their bills!