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Tuesday, Aug 27
Harrisburg, creditors agree to plan to end crisis
- The receiver for insolvent Harrisburg has agreed with creditors who are owed $362.5M on proposals to end the city's financial crisis and avoid another bankruptcy filing.
- The capital of Pennsylvania plans to sell its waste-to-energy plant and lease its parking system. While that wouldn't fully repay the creditors, they could receive more money later, such as from revenue from a fuel tax and from future parking income.
- The settlement needs the approval of the judge overseeing the case.
- The creditors include bond insurer Assured Guaranty (AGO) and Dauphin County, who would receive $210M out of claims of almost $300M.
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