13 Oct '11, 12am

Pennsylvania's state capital declares bankruptcy

Pennsylvania's state capital declares bankruptcy

PHILADELPHIA, Pennsylvania: Pennsylvania's state capital Harrisburg has declared bankruptcy, according to a court filing seen on Wednesday, a rare move that raised the spectre of a string of local government defaults. The city - whose finances have been ravaged by the costs of upgrading a once-mothballed trash incinerator - filed late Tuesday to seek protection from creditors. The city reportedly owes around $310 million. According to experts it is only the fourth bankruptcy filing by a sizable municipality in the last three decades, although such moves are much more common among townships and smaller entities. The most recent filing was by the city of Vallejo, California in 2008, according to James Spiotto of Chapman and Cutler law firm, who runs a tally of municipal bankruptcy filings. Some economists had warned of a looming spate of municipal bankruptcies this year as t...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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