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Emergency manager: Detroit won't pay $2.5B it owes

Associated Press
Emergency manager: Detroit won't pay $2.5B it owes

Detroit emergency manager Kevyn Orr speaks with reporters after a meeting with creditors in Romulus, Mich., Friday, June 14, 2013. Orr says the city is defaulting on about $2.5 billion of debt. Orr said that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Under-funded pension claims will get less. (AP Photo/Paul Sancya)

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