Atlantic City poised to accept state loan to keep city from defaulting
Moody’s Investors Service reports that Atlantic City could default on its debt Monday. (NewsWorks file photo)
Atlantic City is about to get a long-awaited state loan to help it stave off default and possibly bankruptcy.
The City Council called an emergency meeting Thursday to vote to accept the $74 million loan to help the nearly broke city get through the rest of the year.
Moody’s Investors Service warned on Wednesday that the city would likely default on a $3.4 million debt service payment on Monday if the loan did not go through before then.
Council President Marty Small said the funds will relieve the short-term pressure on the city as it tries to come up with a fiscal reorganization that would prevent the state from taking over its finances and major decision-making power in November.
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