The attorney representing the Harrisburg, Pa., City Council in its bankruptcy filing said his endgame is to pay bondholders in full.

“It’s not our intent to cram down on bondholders. I’m of the belief that bondholders are the last people that should be inconvenienced,” Mark Schwartz said in an interview about the financially distressed city. Harrisburg faces $310 million of debt related to an incinerator retrofit project and has skipped about $65 million in bond payments.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.