Harrisburg, PACLICK for video
In an unexpected move, the Harrisburg City Council voted late Tuesday night (October 11, 2011) to file for Chapter 9 protection from creditors, Michael Aneiro reports on Markets Hub.
The city, which faces $300 million in debt over a failed trash-incinerator project, filed the paperwork in U.S. Bankruptcy Court for the middle district of Pennsylvania, in Harrisburg. The city is projected to run out of cash to pay bills and cover payroll costs in the fourth quarter.
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