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Craig Barbarosh Quoted in Debtwire on New Jersey's Proposed Takeover of Atlantic City

Firm News | February 24, 2016

Insolvency and Restructuring partner Craig Barbarosh commented to Debtwire on recently proposed legislation that would permit the state of New Jersey to take over the finances and governance of Atlantic City. He noted that the legislation is phrased in such a way to position the state as the lead negotiator in talks with bondholders and other creditors concerning restructuring. Craig stated, "It's a step in the right direction. A financially challenged city might not be able to solve issues on its own, and the state will facilitate a resolution. It's broad, vesting in whomever they designate full authority to manage the city, to negotiate labor and reject other agreements and negotiate payments to creditors and deal with vendors and file if necessary." ("Atlantic City Takeover Legislation Could Have Consequences for Other New Jersey Municipalities," February 24, 2016)

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