Hartford officials said Thursday it will likely file for bankruptcy in 60 days unless Connecticut provides help for the cash-strapped capital city in the midst of a fiscal emergency.
City officials warned Gov. Dannel Malloy, a Democrat, and state lawmakers that Hartford, which has a deficit approaching $50 million, wouldn’t be able to pay all of its bills within 60 days. Hartford officials said it would file for bankruptcy at that point unless the state legislature passes a budget that gives the city more funding or otherwise provides it with more cash.
Hartford’s officials said the city has a debt problem. The city said its law firm of Greenberg Traurig LLP will engage in negotiations with its bondholders and asked the state for its support.
“Our bondholders understand that our debt burden is unmanageable,” city officials said in the letter. “They will need to be part of the solution today, through a serious, sustainable, long-term debt restructuring.”
