|
 The Journal, citing an unnamed senior administration official,
reported that Christie is expected to announce hiring corporate
restructuring attorney Kevin Lavin to handle the city's strained
finances and daily operations on Thursday.
The Journal also said Christie would bring in Kevyn Orr, the
restructuring lawyer who led Detroit through its bankruptcy as the
city's emergency manager, as a part-time consultant to the recovery
effort.
Reuters could not independently verify the report. Representatives
for the Christie administration did not immediately respond to
request for comment.
Atlantic City lawmakers earlier this month endorsed steep budget
cuts, but rejected the idea of a state-appointed emergency manager
in favor of local control of the city's budget and hiring decisions.
 The city has seen its municipal finances decline with the fortunes
of its local casino industry, which has suffered steep losses from
competing casinos in nearby states. According to city figures,
casinos in the past paid roughly 75 percent of the city's property
taxes.
Four of the city's twelve casinos closed in 2014. A fifth, Trump
Entertainment's Taj Mahal, narrowly averted closing and remains in
bankruptcy. Caesars Entertainment, the owner of three other casinos
in Atlantic City, has said it could file for bankruptcy in
mid-January.
[to top of second column] |
Stabilizing the city's budget has been the focus of major summits
backed by Christie and leaders in the state legislature.
The Journal reported that Atlantic City Mayor Don Guardian would
oppose the move, citing mayor spokesman Chris Filiciello.
Representatives for Guardian could not be immediately reached.
(Reporting by Curtis Skinner in San Francisco; Editing by Dominic
Evans)
[© 2014 Thomson Reuters. All rights
reserved.]
Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
