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.