A Pennsylvania official Tuesday said the state could relax its Aug. 15 deadline for Scranton to enact a revised recovery plan if it sees the mayor and City Council making progress.

"Obviously with the cash-flow issues the city is having, we're hoping they can adopt a plan by Aug. 15, but we're willing to revisit that under the right circumstances," said Steve Kratz, a spokesman for the state's Department of Community and Economic Development, which oversees distressed communities.

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.