CHICAGO — If you bought Detroit debt without making sure it came with support from credit enhancement or a revenue lien, you will now pay the price, Detroit emergency manager Kevyn Orr says.

"If you lent money to an insolvent city that has been going insolvent as openly and notoriously as possible since 2000, and you don't have a security interest, then you are an unsecured creditor," Orr told The Bond Buyer in a telephone interview Tuesday. "This has been building for decades and decades. They understood the risk."

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