MOODY’S SAYS ATLANTIC CITY COULD DEFAULT NEXT WEEK

Atlantic City needs a loan or it will likely default. A Wall Street firm Moody’s said this week that unless the state provides a $74 million loan that is promised earlier this year than the city will like default by Monday. If no cash comes in the city might have to file for bankruptcy protection. The city has a $3.4 million debt service payment to make that it doesn’t have the cash for currently.

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