COURT: Atlantic City gets temporary reprieve from USD 88m Borgata tax bill and will not pay USD 60m due to casino in December

This piece first published December 4, 2015, Debtwire Municipals
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Atlantic County Superior Court Judge Julio L. Mendez granted a temporary restraining order today on behalf of Atlantic City preventing The Borgata Hotel and Casino from taking action to collect upon a 2014 USD 88m tax settlement.

Michael Stinson, Atlantic City’s finance director, said in an interview with Debtwire Municipals that the city has about USD 40m in cash on hand on 3 December. It honored a debt payment of USD 2.7m and will honor a payment of about USD 10m on 15 December, he said.

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