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4 years ago
Detroit's Orr, after meeting creditors, says bankruptcy still possible
June 14, 2013 / 5:03 PM / 4 years ago

Detroit's Orr, after meeting creditors, says bankruptcy still possible

DETROIT (Reuters) - 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

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