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Tag Archives: municipal bankruptcy

Harrisburg is broke! Chapter 9 Bankruptcy looming for the city of Harrisburg, PA. The capital of Pennsylvania goes bust!

Special thanks to the American Bankruptcy Institute (of which I am honored to be a member) for this news flash; The city of Harrisburg, Pennsylvania makes an emergency Sunday 9/12/10 appeal for $3.6 million to avoid going bust.

"The State of Pennsylvania is speeding payments of $3.6 million to its debt-laden capital, Harrisburg, to prevent the city from defaulting on a general obligation bond, Gov. Edward G. Rendell said on Sunday, the New York Times reported today. To help the city with its cash flow, the state is fast-tracking payments, which were already in progress, of $1 million for fire protection and $2.6 million for an annual pension fund payment. This month, Harrisburg said that it did not have the money to make a scheduled bond payment of $3.3 million on Sept. 15. City Council members met in early September to discuss a possible chapter 9 filing. Governor Rendell, however, said that bankruptcy should be a last resort for Harrisburg and that missing a bond payment was not an option because a default could have repercussions for other municipalities in the state." American Bankruptcy Institute, September 12, 2010 news-flash.