Pennsylvania lawmakers over the weekend extended the bankruptcy ban for distressed capital Harrisburg by another five months to Nov. 30, despite opposition to the measure by the city’s state-appointed receiver. Gov. Tom Corbett was expected to sign the measure, which the General Assembly attached as an amendment to the state’s fiscal code. The controversial bill affects a city mired in roughly $310 million of bond debt mostly tied to a costly incinerator retrofit. Receiver William Lynch, a retired Air Force major general, wants to avoid bankruptcy but feels the threat of a Chapter 9 filing could help force major creditors to make concessions.
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