City of Harrisburg Getting Help with Bankruptcy
The city of Harrisburg, Pennsylvania is currently facing financial problems and is looking
into possibly filing for bankruptcy. The city voted to hire an elite NY law firm to help
them explore their options and oversee their case.
Details of the contract must still be finalized. Paul Zumbro, a partner in the
restructuring practice in Cravath’s corporate department, said he has made no
conclusions yet on whether Harrisburg should file for Chapter 9 bankruptcy
protection.The other partner on the case, Richard Levin, has had experience with Chapter
9, such as the pending case of New York City Off Track Betting Corp., and
worked on the bankruptcy code itself in 1978, according to Zumbro. Levin has
also represented municipal-debt issuers, such as Gardena, Calif., in negotiating
solutions to avert bankruptcy filings.Zumbro said the firm decided to offer its services free because Harrisburg “is a
significant situation. It’s a state capital.”He added, “We do have a long history of doing challenging pro bono work, and…
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