Financially Distressed Cities Turning to States for Money as an Alternative to Bankruptcy

harrisburg

Harrisburg, Pa. has sought refuge in the haven that states provide as alternatives to bankruptcy court.

Harrisburg, the capital of Pennsylvania, dodged financial disaster last month by getting money from the state to make a payment to its bondholders. It did so even though the state warned that the money had to be used for city workers’ pensions.

 

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