United States:
Harrisburg, PA. Files For Bankruptcy Under Chapter 9
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As many are already aware, the City of Harrisburg, Pennsylvania
filed a Chapter 9 bankruptcy late Tuesday evening, October 11 in
advance of a Pennsylvania state senate vote that may have put the
city on the path to a receivership. The Chapter 9 petition (http://www.publicfinancematters.com/Harrisburg%20Petition%20.pdf)
is the result of a 4-3 vote "authorizing" the filing by
the Harrisburg city council without the support of Harrisburg's
Mayor Linda Thompson. Press reports indicate that the city's
attorney has questioned the filing and there are significant
questions about the extent to which the filing complies with the
recently passed amendments to Pennsylvania's Act 47 restricting
the access to Chapter 9 by certain "third class" cities,
of which Harrisburg is one. State authorization is required for a
municipality to file Chapter 9.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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