Harrisburg Avoids Ch. 9 With $345M Restructuring Deal

Law360, Philadelphia (July 25, 2013, 4:41 PM ET) -- A state-appointed receiver for Pennsylvania’s financially troubled capital said Wednesday that bondholders had lined up behind a plan to restructure about $345 million in debt from a bungled waste-to-energy municipal incinerator project that had pushed the city to the brink of bankruptcy.

William Lynch, who was appointed by Gov. Tom Corbett’s administration in May 2012 to oversee Harrisburg’s woebegone finances, said the city’s creditors had reached an agreement that would allow the incinerator to be sold as part of a plan to restructuring debt and establishing...
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