Atlantic City Bankruptcy Talk ‘Premature’: Turnaround TeamJanuary 22, 2015 – In The News
Michael Sweet was quoted in the Reuters article “Atlantic City Bankruptcy Talk 'Premature': Turnaround Team.” Full text can be found in the January 22, 2015, issue, but a synopsis is below.
New Jersey Governor Chris Christie recently appointed a turnaround team for Atlantic City, including former Detroit emergency manager Kevyn Orr.
Orr said it was "premature" to talk about bankruptcy for the city. Still, observers said that the appointment was a clear indication of direction.
To file for Chapter 9 municipal bankruptcy in New Jersey, a city must win permission from the Local Finance Board.
"If Chris Christie is moving this forward then presumably that access wouldn’t be denied," said Michael Sweet.