Some of Detroit's GO bonds are trading at 33 and 77 cents on the dollar. It will be interesting to see how these bonds trade leading up to the restructuring event or bankruptcy filing (charts via finra.org's bond screener).
*Continued from my previous post: Detroit Defaults on Pension COP Debt, Kevyn Orr's Restructuring Proposal (Unsecured GO Bonds = Employment Liabilities in Restructuring, GO Bonds Downgraded on Bankruptcy Risk) (DistressedVolatility.com)
*Detroit at 91 Cents on Dollar Not Distressed Enough (Bloomberg.com, 5/14/2013)
*Analysis: Hedge funds in search of distress take a look at Detroit (Reuters, 5/8/2013)