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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.
  • ETFs: MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU
Comments (4)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    I bet parking is going to get expensive...
    27 Aug 2013, 08:10 AM Reply Like
  • user92718
    , contributor
    Comments (177) | Send Message
     
    I've been holding both muni ETFS (muni, HYD) and some municipal mutual funds and Iam down 8%.
    It's my first time investing in municipal bonds/funds and Iam so worrying!!, do you advise me to hold tight or sell?
    Iam willing to wait up tp three years.
    I look forward to hear back from you!
    3 Sep 2013, 08:52 PM Reply Like
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    I think a lot depends on what happens in detroit....if they can break the contracts...then bond holders will take a big hit....I think they will break the contracts....so it depends on what you own and where it is...is the city broke or is it doing well....I would rather have Denver bonds than Chicago bonds...
    4 Sep 2013, 01:19 PM Reply Like
  • user92718
    , contributor
    Comments (177) | Send Message
     
    I have a very well diversified mutual fund muni bonds but they are all down now!
    You did NOT answer my quetsion.
    4 Sep 2013, 06:47 PM Reply Like
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