Pennsylvania Town Emerges from Bankruptcy
Posted on Apr 26, 2010 3:50pm PDT
Westfall Township in Pennsylvania has now cut millions from its debt last month as the first town in state history to successfully reorganize with a Chapter 9 bankruptcy filing. A Chapter 9 filing allowed local officials to control the towns while negotiating with creditors to cut or delay public debts. The town was suffering financially because of huge expenses that resulted from a legal settlement.
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