Bankrupt Pa. Capital To Sell Assets To Block Takeover

Law360, New York (November 8, 2011, 12:58 PM EST) -- Harrisburg's city council agreed Monday to sell the city's trash incinerator and lease downtown parking garages, hoping to thwart a state takeover of the bankrupt Pennsylvania capital.

The city is scrambling to come up with a plan to deal with $310 million in debt before a Nov. 14 deadline, after which Pennsylvania Gov. Tom Corbett can appoint a receiver to run the capital's finances and oversee the continuation of vital services. The largest chunk of the debt is owed to TD Bank, which financed more than...
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