Official: Bankruptcy possible for Pa. capital
HARRISBURG, Pa. (AP) - February 6, 2012 (WPVI) -- The state official in charge of figuring out how fix an enormous financial shortfall in Pennsylvania's capital city says the city could still end up in bankruptcy court if there's no agreement on a solution.
Receiver David Unkovic's recovery plan released Monday said he still needs to figure out the value of assets Harrisburg can sell or lease.
Unkovic says he'll file for bankruptcy if he can't get the various "stakeholders" to voluntarily agree to pitch in.
He says lawyers are looking over a forensic audit regarding an expensive trash incinerator renovation that's left the city on the hook for hundreds of millions of dollars in debt.
Unkovic also says the Legislature needs to examine the use of interest-rate swaps by the state's municipalities and authorities.
harrisburg, pennsylvania, bankruptcy, business/finance
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