Harrisburg, Pennsylvania Files for Chapter 9 Bankruptcy By National Journal Staff Updated: October 12, 2011 | 10:13 a.m. October 12, 2011 | 9:29 a.m. Pennsylvania's capital city voted to file for Chapter 9 bankruptcy protection on Tuesday as it faced a state takeover, according to media reports. The City Council voted 4-3 to seek bankruptcy protection for Harrisburg, which has a debt burden five times its general-fund budget "because of an overhaul and expansion of a trash-to-energy incinerator that doesn’t generate enough revenue," Bloomberg reported. The bankruptcy means the city will lose state aid, but that is better than the proposed recovery plans, Councilwoman Susan Brown-Wilson said, according to Bloomberg. http://nationaljournal.com/economy/harrisburg-pennsylvania-files-for-chapter-9-bankruptcy-20111012 |
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