Detroit only able to pay portion of debt
Posted: Jun 14, 2013 9:03 PM EDT | Updated: Nov 6, 2014 3:15 AM EDT
DETROIT — Detroit's emergency manager Kevyn Orr is telling creditors the city can only afford to pay about 10 cents on the dollar on unsecured debt.
The city is beginning a moratorium on all debt service payments to conserve cash and keep the city operating.
New numbers released Friday morning show Detroit's debt is around $17 million.