Author Topic: Harrisburg, PA Files for Bankruptcy  (Read 1745 times)

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Mimi

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Harrisburg, PA Files for Bankruptcy
« on: October 12, 2011, 05:31:41 PM »
Pennsylvania capital Harrisburg files for bankruptcy
A railway bridge over the Susquehanna River in Harrisburg 12 October 2011 A final vote on a state takeover plan of the city is expected next week.

The US city of Harrisburg - capital of the state of Pennsylvania - has filed for bankruptcy, making it the first state capital to do so.

Harrisburg faces debts of $300m (190m) and has struggled to pay for services.

The move comes as the state legislature considers a takeover of the city and the implementation of a "rescue plan".

Last year, municipal bond analysts expected many bankruptcies from cities under debt pressure, but few localities have actually taken the step.

The city council voted 4-3 on Wednesday to file for bankruptcy under a rarely used code for towns and cities.

Filing for bankruptcy is opposed by the city's mayor and state officials.


The BBC: http://www.bbc.co.uk/news/world-us-canada-15283148
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