Published June 14, 2013
DETROIT – Detroit Emergency Manager Kevyn Orr said he still sees a 50/50 chance the city will have to file the largest municipal bankruptcy in U.S. history.
Orr spoke after he met with holders of some $17 billion in Detroit debt and called on them to accept a substantial cut in the money they are owed.
He also announced at the meeting a moratorium on some debt service payments, which Fitch Ratings said amounted to a default on those bonds.
(Reporting By Greg McCune; Editing by Chris Reese)