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City Of Hartford Hires Law Firm To Consider Bankruptcy Filing
foxbusiness.com
The city of Hartford, Conn., has retained the law firm of Greenberg Traurig LLP as restructuring counsel as it weighs whether to file for bankruptcy, officials said Thursday.
Hartford has a deficit approaching $50 million and has asked the state for help managing its fiscal crisis. But the state has its own budget troubles and failed to pass a spending plan to close a two-year hole of $5.1 billion before the fiscal year ended on June 30...
Greenberg Traurig, led by Nancy Mitchell, one of the co-chairs of the firm's restructuring practice, will help the city evaluate options to put the city on a path to long-term fiscal stability, city officials said. Over the past 18 months, the city has made deep spending cuts and continues to seek concessions from public-employee unions to address the deficit, Mr. Bronin said.
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