Joseph De Avila – July 6, 2017
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.
The city has “advocated for a State budget that puts our cities in a position to be strong and vibrant, for the sake of Connecticut’s economic competitiveness,” Mayor Luke Bronin said. “In the meantime, as we start a new fiscal year without a State budget and with significant uncertainty, we will have the advice and counsel of an experienced and highly respected restructuring firm.”
Gov. Dannel Malloy said Wednesday it appeared that July 18 was the earliest the state Legislature was prepared to vote on a budget.